Sirtex Trading Update Positive, but Flat Dose Sales Anchor Our View; Maintaining AUD 15.50 FVE
We maintain our AUD 15.50 fair value estimate for no-moat Sirtex Medical despite management’s positive trading update, with first-half fiscal 2018 EBITDA of approximately AUD 34 million expected, up 16% on the previous corresponding period. or PCP. Full-year fiscal 2018 EBITDA guidance is within a wide range of AUD 75 million-AUD 81 million, versus underlying EBITDA of AUD 61.5 million for fiscal 2017. Worldwide dose sales of SIR-Spheres were flat in first-half fiscal 2018 versus the PCP. We thi...Sirtex Medical is a global life-sciences company based in Australia. Co. is engaged in developing and delivering effective oncology treatments using novel small particle technology. Co.'s main product is a targeted radioactive treatment for liver cancer called SIR-Spheres® Y-90 resin microspheres. SIR-Spheres Y-90 resin microspheres are a medical device used in interventional oncology and delivered to the liver via Selective Internal Radiation Therapy.
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