Mesoblast

AU: MSB

AU$1466.1m market cap

AU$2.26 last close

Mesoblast is developing adult stem-cell therapies based on its proprietary MPC and MSC platforms. Its lead programs are in pediatric aGvHD, heart failure, ARDS and lower back pain all of which are in Phase III or later.

Investment summary

Mesoblast is an Australia-headquartered biotechnology company focused on adult stem cell therapies. The company’s pipeline is based on its proprietary mesenchymal precursor cells (MPC) and culture-expanded mesenchymal stem cells (MSC) technologies. Novartis recently signed a partnership with the company to develop remestemcel-L for acute respiratory distress syndrome (ARDS), whether or not the ARDS was caused by COVID-19. The company recently announced data from its MPC-06-ID back pain trial. Rexlemestrocel-L in combination with hyaluronic acid (HA) significantly reduced pain and reduced the need for opioids. In the heart failure trial, Revascor had a significant impact on major adverse cardiovascular events such as cardiovascular death and ischemic events.

Y/E Jun
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 16.0 (75.4) (86.5) (15.69) N/A N/A
2020A 31.6 (64.8) (79.6) (13.28) N/A N/A
2021E 72.9 (46.3) (55.7) (9.06) N/A N/A
2022E 8.6 (83.2) (92.6) (14.29) N/A N/A
Industry outlook

Mesoblast is a leading mesenchymal stem cell company based in Australia. It is targeting large indications such as ARDS, congestive heart failure and back pain.

Last updated on 13/04/2021
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 115.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (3.8) (7.4) (9.6)
Relative* (6.7) (10.9) (32.0)
52-week high/low A$5.5/A$1.9
*% relative to local index
Key management
Josh Muntner CFO
Silviu Itescu Chief Executive Officer & Managing Director