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Heron Therapeutics

Nasdaq:HRTX
Snowflake Description

Excellent balance sheet with high growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HRTX
Nasdaq
$1B
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

Heron Therapeutics, Inc., a biotechnology company, engages in developing treatments to address unmet medical needs. The last earnings update was 11 days ago. More info.


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  • Heron Therapeutics has significant price volatility in the past 3 months.
HRTX Share Price and Events
7 Day Returns
3.2%
NasdaqCM:HRTX
-1.6%
US Biotechs
-0.7%
US Market
1 Year Returns
-42.3%
NasdaqCM:HRTX
-5.5%
US Biotechs
3%
US Market
HRTX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Heron Therapeutics (HRTX) 3.2% -23.1% -34.1% -42.3% -7.8% 62%
US Biotechs -1.6% -5.5% -6.5% -5.5% 9.7% 12%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • HRTX underperformed the Biotechs industry which returned -5.5% over the past year.
  • HRTX underperformed the Market in United States of America which returned 3% over the past year.
Price Volatility
HRTX
Industry
5yr Volatility vs Market
Related Companies

HRTX Value

 Is Heron Therapeutics undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Heron Therapeutics to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Heron Therapeutics.

NasdaqCM:HRTX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 10 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqCM:HRTX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Biotechs Unlevered Beta Simply Wall St/ S&P Global 1.38
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.379 (1 + (1- 21%) (1.3%))
1.263
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.26
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.263 * 5.96%)
10.26%

Discounted Cash Flow Calculation for NasdaqCM:HRTX using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Heron Therapeutics is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqCM:HRTX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 10.26%)
2019 -204.00 Analyst x1 -185.02
2020 -79.00 Analyst x1 -64.98
2021 62.00 Analyst x1 46.25
2022 194.00 Analyst x1 131.26
2023 419.00 Analyst x1 257.11
2024 637.88 Est @ 52.24% 355.00
2025 876.37 Est @ 37.39% 442.34
2026 1,112.90 Est @ 26.99% 509.46
2027 1,332.27 Est @ 19.71% 553.13
2028 1,527.01 Est @ 14.62% 574.99
Present value of next 10 years cash flows $2,619.56
NasdaqCM:HRTX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $1,527.01 × (1 + 2.73%) ÷ (10.26% – 2.73%)
$20,832.60
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $20,832.60 ÷ (1 + 10.26%)10
$7,844.45
NasdaqCM:HRTX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,619.56 + $7,844.45
$10,464.01
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $10,464.01 / 79.19
$132.13
NasdaqCM:HRTX Discount to Share Price
Calculation Result
Value per share (USD) From above. $132.13
Current discount Discount to share price of $18.06
= -1 x ($18.06 - $132.13) / $132.13
86.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Heron Therapeutics is available for.
Intrinsic value
>50%
Share price is $18.06 vs Future cash flow value of $132.13
Current Discount Checks
For Heron Therapeutics to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Heron Therapeutics's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Heron Therapeutics's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Heron Therapeutics's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Heron Therapeutics's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqCM:HRTX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-2.47
NasdaqCM:HRTX Share Price ** NasdaqCM (2019-05-17) in USD $18.06
United States of America Biotechs Industry PE Ratio Median Figure of 34 Publicly-Listed Biotechs Companies 19.48x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Heron Therapeutics.

NasdaqCM:HRTX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqCM:HRTX Share Price ÷ EPS (both in USD)

= 18.06 ÷ -2.47

-7.3x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heron Therapeutics is loss making, we can't compare its value to the US Biotechs industry average.
  • Heron Therapeutics is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Heron Therapeutics's expected growth come at a high price?
Raw Data
NasdaqCM:HRTX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -7.3x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
75.1%per year
United States of America Biotechs Industry PEG Ratio Median Figure of 27 Publicly-Listed Biotechs Companies 1.32x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Heron Therapeutics, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Heron Therapeutics's assets?
Raw Data
NasdaqCM:HRTX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $4.21
NasdaqCM:HRTX Share Price * NasdaqCM (2019-05-17) in USD $18.06
United States of America Biotechs Industry PB Ratio Median Figure of 416 Publicly-Listed Biotechs Companies 3.21x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
NasdaqCM:HRTX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqCM:HRTX Share Price ÷ Book Value per Share (both in USD)

= 18.06 ÷ 4.21

4.29x

* Primary Listing of Heron Therapeutics.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Heron Therapeutics is overvalued based on assets compared to the US Biotechs industry average.
X
Value checks
We assess Heron Therapeutics's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Biotechs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Biotechs industry average (and greater than 0)? (1 check)
  5. Heron Therapeutics has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

HRTX Future Performance

 How is Heron Therapeutics expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
75.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Heron Therapeutics expected to grow at an attractive rate?
  • Heron Therapeutics's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Heron Therapeutics's earnings growth is expected to exceed the United States of America market average.
  • Heron Therapeutics's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqCM:HRTX Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqCM:HRTX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 75.1%
NasdaqCM:HRTX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 45.7%
United States of America Biotechs Industry Earnings Growth Rate Market Cap Weighted Average 22.6%
United States of America Biotechs Industry Revenue Growth Rate Market Cap Weighted Average 17.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqCM:HRTX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqCM:HRTX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 770 324 283 8
2022-12-31 573 49 147 8
2021-12-31 370 -8 19 9
2020-12-31 196 -74 -102 10
2019-12-31 122 170 -208 10
NasdaqCM:HRTX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 98 -179 -190
2018-12-31 77 -192 -179
2018-09-30 59 -205 -192
2018-06-30 47 -210 -195
2018-03-31 39 -181 -199
2017-12-31 31 -170 -197
2017-09-30 22 -162 -183
2017-06-30 13 -157 -190
2017-03-31 5 -152 -190
2016-12-31 1 -134 -173
2016-09-30 -119 -156
2016-06-30 -102 -131

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Heron Therapeutics's earnings are expected to grow significantly at over 20% yearly.
  • Heron Therapeutics's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqCM:HRTX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Heron Therapeutics Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:HRTX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 2.88 4.54 1.34 6.00
2022-12-31 1.49 2.58 0.48 6.00
2021-12-31 0.15 0.84 -0.65 7.00
2020-12-31 -1.18 -0.59 -1.82 9.00
2019-12-31 -2.63 -2.22 -2.96 7.00
NasdaqCM:HRTX Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -2.47
2018-12-31 -2.44
2018-09-30 -2.82
2018-06-30 -3.14
2018-03-31 -3.46
2017-12-31 -3.65
2017-09-30 -3.70
2017-06-30 -4.15
2017-03-31 -4.58
2016-12-31 -4.57
2016-09-30 -4.21
2016-06-30 -3.60

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Heron Therapeutics will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Heron Therapeutics's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Heron Therapeutics has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

HRTX Past Performance

  How has Heron Therapeutics performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Heron Therapeutics's growth in the last year to its industry (Biotechs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Heron Therapeutics does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Heron Therapeutics's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Heron Therapeutics's 1-year growth to the US Biotechs industry average as it is not currently profitable.
Earnings and Revenue History
Heron Therapeutics's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Heron Therapeutics Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqCM:HRTX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 97.51 -189.59 110.87
2018-12-31 77.47 -178.84 93.37
2018-09-30 58.68 -191.77 88.02
2018-06-30 47.47 -195.29 84.44
2018-03-31 38.70 -199.42 84.66
2017-12-31 30.77 -197.48 82.16
2017-09-30 21.99 -182.96 77.85
2017-06-30 13.42 -189.60 75.35
2017-03-31 4.91 -190.03 70.18
2016-12-31 1.28 -173.14 69.03
2016-09-30 -156.42 65.29
2016-06-30 -130.59 56.05
2016-03-31 -110.47 47.11
2015-12-31 -97.59 35.74
2015-09-30 -86.97 27.96
2015-06-30 -83.50 23.93
2015-03-31 -79.40 21.61
2014-12-31 -76.37 19.73
2014-09-30 -69.79 21.51
2014-06-30 -63.47 23.73
2014-03-31 -59.87 23.62
2013-12-31 -55.28 23.54
2013-09-30 -50.07 19.94
2013-06-30 -43.44 15.92
2013-03-31 -32.55 12.83
2012-12-31 -24.43 9.76
2012-09-30 0.00 -19.77 6.44
2012-06-30 0.00 -17.67 5.18

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Heron Therapeutics has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Heron Therapeutics has efficiently used its assets last year compared to the US Biotechs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Heron Therapeutics improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Heron Therapeutics's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Biotechs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Heron Therapeutics has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

HRTX Health

 How is Heron Therapeutics's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Heron Therapeutics's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Heron Therapeutics is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Heron Therapeutics's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Heron Therapeutics's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 21.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Heron Therapeutics Company Filings, last reported 1 month ago.

NasdaqCM:HRTX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 331.81 18.58 289.24
2018-12-31 370.16 4.57 332.37
2018-09-30 406.81 4.34 364.80
2018-06-30 431.89 29.11 422.96
2018-03-31 92.21 28.89 113.94
2017-12-31 131.14 28.68 172.38
2017-09-30 40.05 28.48 74.02
2017-06-30 69.08 28.29 109.26
2017-03-31 102.16 53.10 165.22
2016-12-31 -21.25 52.91 51.14
2016-09-30 17.88 52.73 88.92
2016-06-30 57.84 2.56 74.64
2016-03-31 92.68 2.39 100.41
2015-12-31 118.11 2.22 131.17
2015-09-30 141.70 2.06 152.99
2015-06-30 159.87 1.90 171.53
2015-03-31 48.00 1.75 55.56
2014-12-31 63.06 1.60 72.68
2014-09-30 81.01 1.45 86.21
2014-06-30 97.85 1.31 105.01
2014-03-31 55.41 1.16 57.48
2013-12-31 68.95 1.03 72.29
2013-09-30 20.87 0.89 22.60
2013-06-30 28.50 0.75 34.85
2013-03-31 41.38 0.62 45.72
2012-12-31 51.82 0.49 53.51
2012-09-30 57.52 0.37 60.05
2012-06-30 11.12 0.24 12.44
  • Heron Therapeutics's level of debt (5.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (2.1% vs 5.6% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Heron Therapeutics has sufficient cash runway for 1.5 years based on current free cash flow.
  • Heron Therapeutics has sufficient cash runway for 1.5 years if free cash flow continues to grow at historical rates of 23.3% each year.
X
Financial health checks
We assess Heron Therapeutics's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Heron Therapeutics has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

HRTX Dividends

 What is Heron Therapeutics's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Heron Therapeutics dividends. Estimated to be 0% next year.
If you bought $2,000 of Heron Therapeutics shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Heron Therapeutics's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Heron Therapeutics's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqCM:HRTX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Global Biotechs Industry Average Dividend Yield Market Cap Weighted Average of 19 Stocks 2.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqCM:HRTX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Heron Therapeutics has not reported any payouts.
  • Unable to verify if Heron Therapeutics's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Heron Therapeutics's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Heron Therapeutics has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Heron Therapeutics's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Heron Therapeutics's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Heron Therapeutics afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Heron Therapeutics has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

HRTX Management

 What is the CEO of Heron Therapeutics's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Barry Quart
COMPENSATION $5,991,297
AGE 61
TENURE AS CEO 6 years
CEO Bio

Dr. Barry D. Quart, Pharm.D., has been the Chief Executive Officer of Heron Therapeutics, Inc. since May 02, 2013 and has been its Director since June 2012. He also serves as President at Heron Therapeutics, Inc. from February 2019. Dr. Quart serves as the Scientific Advisor of Napo Pharmaceuticals, Inc. Dr. Quart has more than 25 years of experience serving in leadership positions in biotechnology and pharmaceutical companies and developing innovative pharmaceutical products. Dr. Quart’s qualifications to serve on Heron Board include his experience in senior management and as a Director with other biotechnology and pharmaceutical companies and his prior drug development experience. Dr. Quart was Principal Financial Officer and Principal accounting officer at Heron Therapeutics since April 1, 2017 until April 24, 2017. He served as the Chief Executive Officer and President at Ardea Biosciences, Inc. since December 21, 2006 until 2013, which he co-founded in 2006. He served as the President of Napo Pharmaceuticals Inc. from June 2002 to July 31, 2006 and served as its Chief Scientific Officer until July 31, 2006. He served as the President and Chief Executive Officer of Intrabiotics Pharmaceuticals Inc. since December 22, 2006. He served as Senior Vice President of Pfizer Global Research and Development. He served as Senior Vice President and Head of Drug Development for Agouron Pharmaceuticals Inc., a division of the Warner-Lambert Company, since 1997 and also served as its President of Research and Development. since 1999, where he was instrumental in the development and registration of Viracept, which went from the lab bench to NDA approval in 38 months. Dr. Quart served as Vice President of Regulatory Affairs for Agouron Pharmaceuticals Inc. since joining it in 1993. He served as an Executive Director of international regulatory affairs for Bristol-Myers Squibb Company since 1992. Dr. Quart served with Bristol-Myers Squibb for ten years experience in both Clinical Research and Regulatory Affairs, where he was actively involved in the development and registration of nine important drugs, including paclitaxel, didanosine, stavudine and sotalol. Within the newly created Pfizer Global Research and Development Division, he served as Senior Vice President of La Jolla Laboratories. He serves as a Director of NeuroGenetic Pharmaceuticals, Inc. He serves as a Director at Kiniksa Pharmaceuticals, Ltd. since October 2015. He was a Director of Ardea Biosciences, Inc. since December 21, 2006 until 2012. Dr. Quart served as a Director of Trimeris Inc. since June 2007 and Synageva BioPharma Corp. from June 2007 to June 22, 2015. He served as a Director of Napo Pharmaceuticals Inc. from May 2, 2002 to July 7, 2006. He served as an Executive Director of Intrabiotics Pharmaceuticals Inc. since December 22, 2006. He served as a Director of the La Jolla Laboratories. Dr. Quart received a Pharm.D. in clinical pharmacy from the University of California, San Francisco.

CEO Compensation
  • Barry's compensation has increased whilst company is loss making.
  • Barry's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Heron Therapeutics management team in years:

2.8
Average Tenure
53.5
Average Age
  • The tenure for the Heron Therapeutics management team is about average.
Management Team

Barry Quart

TITLE
President
COMPENSATION
$6M
AGE
61
TENURE
6 yrs

Robert Hoffman

TITLE
CFO & Senior VP of Finance
COMPENSATION
$2M
AGE
52
TENURE
2.1 yrs

Kimberly Manhard

TITLE
Executive Vice President of Drug Development
COMPENSATION
$2M
AGE
58
TENURE
3.3 yrs

David Szekeres

TITLE
Senior VP of Business Development
AGE
44
TENURE
3.2 yrs

Sean Ristine

TITLE
Vice President of Human Resources
AGE
48
TENURE
3.7 yrs

Tom Ottoboni

TITLE
Chief Scientific Officer and Senior VP of Pharmaceutical & Translational Sciences
AGE
59
TENURE
4.8 yrs

Jesse Hollingsworth

TITLE
Senior Vice President of Oncology Franchise
AGE
47
TENURE
0.5 yrs

Anita Gupta

TITLE
Senior Vice President of Medical Strategy & Government Affairs
AGE
42
TENURE
1.8 yrs

Paul Blake

TITLE
Chief Medical Officer
AGE
70
TENURE
1.4 yrs

Mike Mathews

TITLE
Senior Vice President of Pain Franchise
AGE
55
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the Heron Therapeutics board of directors in years:

5.3
Average Tenure
56
Average Age
  • The tenure for the Heron Therapeutics board of directors is about average.
Board of Directors

Kevin Tang

TITLE
Chairman of the Board
COMPENSATION
$255K
AGE
51
TENURE
6.8 yrs

Barry Quart

TITLE
President
COMPENSATION
$6M
AGE
61
TENURE
6.9 yrs

John Poyhonen

TITLE
Director
COMPENSATION
$811K
AGE
58
TENURE
5.3 yrs

Craig Johnson

TITLE
Director
COMPENSATION
$366K
AGE
56
TENURE
5.3 yrs

Christian Waage

TITLE
Director
COMPENSATION
$305K
AGE
51
TENURE
2.9 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Heron Therapeutics insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
16. May 19 Buy Christian Waage Individual 15. May 19 15. May 19 1,400 $18.04 $25,262
12. Sep 18 Sell Tang Capital Management, LLC Company 12. Sep 18 12. Sep 18 -2,695,000 $35.75 $-96,346,250
X
Management checks
We assess Heron Therapeutics's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Heron Therapeutics has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

HRTX News

Simply Wall St News

Here's What We Think About Heron Therapeutics, Inc.'s (NASDAQ:HRTX) CEO Pay

In 2013 Barry Quart was appointed CEO of Heron Therapeutics, Inc. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Barry Quart's Compensation Compare With Similar Sized Companies?

Simply Wall St -

How Does Investing In Heron Therapeutics, Inc. (NASDAQ:HRTX) Impact The Volatility Of Your Portfolio?

(NASDAQ:HRTX), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Heron Therapeutics Shareholders Booked A 95% Gain In The Last Five Years

Heron Therapeutics isn't yet profitable, so most analysts would look to revenue growth to get an idea of how fast the underlying business is growing. … Shareholders of unprofitable companies usually expect strong revenue growth. … As you can imagine, fast revenue growth, when maintained, often leads to fast profit growth.

Simply Wall St -

When Will Heron Therapeutics, Inc. (NASDAQ:HRTX) Become Profitable?

Heron Therapeutics, Inc., a biotechnology company, engages in developing medicines to address unmet medical needs. … As path to profitability is the topic on HRTX’s investors mind, I’ve decided to gauge market sentiment. … See our latest analysis for Heron Therapeutics

Simply Wall St -

Heron Therapeutics, Inc. (NASDAQ:HRTX): The Best Of Both Worlds

(NASDAQ:HRTX) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of HRTX, it

Simply Wall St -

Does Heron Therapeutics, Inc.'s (NASDAQ:HRTX) CEO Pay Reflect Performance?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Barry Quart's Compensation Compare With Similar Sized Companies. … is worth US$2.1b, and total annual CEO compensation is US$4.2m.

Simply Wall St -

Is Heron Therapeutics Inc (NASDAQ:HRTX) As Strong As Its Balance Sheet Indicates?

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Heron Therapeutics Inc (NASDAQ:HRTX), with a market cap of US$2.2b, are often out of the spotlight. … This article will examine HRTX’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … View our latest analysis for Heron Therapeutics

Simply Wall St -

Is Heron Therapeutics Inc's (NASDAQ:HRTX) CEO Paid Enough Relative To Peers?

Leading Heron Therapeutics Inc (NASDAQ:HRTX) as the CEO, Barry Quart took the company to a valuation of US$2.93b. … Recognizing whether CEO incentives are aligned with shareholders is a crucial part of investing. … Incentives can be in the form of compensation, which should always be structured in a way that promotes value-creation to shareholders.

Simply Wall St -

Heron Therapeutics Inc (NASDAQ:HRTX): Financial Strength Analysis

Small-cap and large-cap companies receive a lot of attention from investors, but mid-cap stocks like Heron Therapeutics Inc (NASDAQ:HRTX), with a market cap of US$2.92b, are often out of the spotlight. … However, history shows that overlooked mid-cap companies have performed better on a risk-adjusted manner than the smaller and larger segment of the market. … View out our latest analysis for Heron Therapeutics

Simply Wall St -

Is There An Opportunity With Heron Therapeutics Inc's (NASDAQ:HRTX) 48.62% Undervaluation?

by taking the expected future cash flows and discounting them to their present value. … discounted cash flows (DCF). … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

HRTX Company Info

Description

Heron Therapeutics, Inc., a biotechnology company, engages in developing treatments to address unmet medical needs. The company’s product candidates utilize its proprietary Biochronomer drug delivery technology, which delivers therapeutic levels of a range of short-acting pharmacological agents over a period from days to weeks with a single administration. It offers SUSTOL (granisetron) extended-release injection for the prevention of acute and delayed nausea and vomiting associated with moderately emetogenic chemotherapy, or anthracycline and cyclophosphamide combination chemotherapy regimens. The company is also developing CINVANTI, an intravenous formulation of aprepitant, a substance P/neurokinin-1 receptor antagonist for the prevention of acute and delayed nausea and vomiting associated with highly emetogenic cancer chemotherapy, as well as nausea and vomiting associated with moderately emetogenic cancer chemotherapy; and HTX-011, an investigational, long-acting, and extended-release formulation of the local anesthetic bupivacaine in a fixed-dose combination with the anti-inflammatory meloxicam for post-operative pain management. The company was formerly known as A.P. Pharma, Inc. and changed its name to Heron Therapeutics, Inc. in January 2014. Heron Therapeutics, Inc. was founded in 1983 and is headquartered in San Diego, California.

Details
Name: Heron Therapeutics, Inc.
HRTX
Exchange: NasdaqCM
Founded: 1983
$1,430,247,739
79,194,227
Website: http://www.herontx.com
Address: Heron Therapeutics, Inc.
4242 Campus Point Court,
Suite 200,
San Diego,
California, 92121,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqCM HRTX Common Stock Nasdaq Capital Market US USD 26. Aug 1987
DB AXD2 Common Stock Deutsche Boerse AG DE EUR 26. Aug 1987
LSE 0J4V Common Stock London Stock Exchange GB USD 26. Aug 1987
Number of employees
Current staff
Staff numbers
198
Heron Therapeutics employees.
Industry
Biotechnology
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:26
End of day share price update: 2019/05/17 00:00
Last estimates confirmation: 2019/05/14
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.