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Thursday, 17 July 2003
July 17, 2003 Closure Medical (CLSR)
As I noted in the previous post, this is a stock that I purchased shares in today! Things were moving quickly and I bailed out of my ORCC shares and jumped into CLSR. Let's take a look at Closure and I think you will appreciate this company!

CLSR, according to CNN.Money, "...develops, commercializes and manufactures medical tissue cohesive products based on its proprietary cyanoacrylate technology to be used for human & veterinary wound closure."

Closure had a GREAT day today (in a down market!) closing at $23.40 up $4.25 or 22.19% on the day.

What triggered this jump was the earnings report that came out this morning: total revenues for the quarter jumped 50% to $8.5 million from $5.7 million for the same period last year. Net income was $1.7 million or $.12/share compared to the prior year adjusted net income of $590,000 or $.04/share.

Closure works closely with Johnson & Johnson in the Band-aid brand liquid bandage product and with Colgate Palmolive with 'soothe-n-seal' Orabase medication. These are great partners for a small company!

Looking at Morningstar.com, we find sequential growth in revenue from $1.6 million in 1997, $9.6 million in 1998, $13.4 million in 1999, $13.7 million in 2000, $19 million in 2001, and $24 million in 2002. Extrapolating the current quarter we would get about $34 million in revenue for 2003.

Free cash flow has improved from 0 in 2000 to $3 million in 2001, $5 million in 2002 and $6 million in the trailing twelve months.

Closure's balance sheet as summarized on Morningstar looks excellent. They have $16.4 million in cash on hand (not counting $8.1 million in other current assets)...compared to $4.0 million in current liabilities and only $1.9 million in long-term liabilities.

Looking at Yahoo we find that this is a small company with a market cap of only $261.8 million with 13.7 million shares outstanding and of those only 6.80 million float. The trailing p/e is a reasonable 23.47 and there are only 134,000 shares out short so we cannot count on a short squeeze.

Overall, I like this stock a lot. In fact, enough to buy 250 shares this morning. The special relationship with JNJ is important and recalls to me the similar arrangement that SRDX has with JNJ as well....In that case the technology source behind the coated cardiac stents....but THAT is another story!

Regards to all of my friends and visitors here!

Bob


Posted by bobsadviceforstocks at 3:32 PM CDT | Post Comment | Permalink

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