NMTI .017 16m os next CGSYQ? must read, shell for free, excluding asset sale proceeds if any
NMTI dd 1 of most undervalued stock, after liquidation still worth $ only taking account of Nol's and shell!!!
NMTI .016$ huge alert, dd, worst case scenario factored in pps
NMTI shell for free, trading at alltime low, worst case scenario already factored, huge reversal coming imho
more than 1.2$ per share in revenues, 3.1$ in nols!!!
NMTI 0.02 AFTER -90% INSANE YESTERDAY DD FREE MONEY 10X BET IMHO NO "Q" STOCK" STILL A LOT OF ASSETS TO SELL. GROSS MARGIN ENOUGH TO SATISFY CREDITORS CLAIMS (BASED ON 2009 DATA)
NMTI -90% OVERSOLD, PLENTY OF ASSETS, OS 16M, MC 300K, ASSETS WORTH BETWEEN 10 AND 20 AT LEAST, CO. WAS INVOLVED IN PH3 TRIAL FOR STROKE DEVICES.
co. sells devices, top line results weren't bad in last 3 years: profitable annual revenues were 27,18,13 mln $ respectively in 2007,2008,2009, but co. performance negatively impacted by R&D costs for new devices and SG&A.
Gross margin was 21.7,12.0 and 7.8 mln $ respectively in 2007, 2008, 2009.
it was trading at .15, mc 2.4, an implicit liquidation value!
now company is in assignment procedure, a formal liquidation, assets will be sold in orderly manner, by a deputy assignee.
Their value is well greater than 10 mln $ liabilities, creditors will receive the most of collectable money from asset sale but not equity; equity will be left to shareholders, a shell may not be worth less than 500/700k $, maybe shell will be left with some IP assets and of course with no debt, only 16m os, the ideal shell for any RM.
Yesterday sell off was limited, only 4m of 16m were sold, because investors and insiders know that NMTI, ex 24$ nasdaq stock, was already trading at liquidation value before.
Co. tried in last 2 months (avery short timeframe!) to merger, sell assets, get financing, but failed.
Now assignee will assess the genuity of liabilities and claims by creditors, will take all time to seek best proposals for asset sale. This is not a bancruptcy, no "q" stock.
Yesterday stock bounced hard from lows at .01, heavy buying pressure in last hour, intrinsec value is at least .06 or 1m $ market cap.
PPS now is a gift, shell surely for free, shareholders may perhaps still recover some $$$ by asset sale.
I'm in at .02 for the long run, I think that this liquidation is such a robbery for certain aspects, because only annual gross margin may pay all debt due to creditors.
Co. still owns significant IP, that's the greater asset.
Remember, co. hasn't short/long term debt, only trade accounts payable.
During an assignment procedure some suitors may bid for assets, creditors being fully paid, left value to commons (no preferred shareholders here).
Look at this post found in YMB, very well done.
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Reasons why selling today is not smart 20-Apr-11 12:49 pm
* During the liquidation process, assets may be larger than obligations and shareholders will receive some compensation
* Market cap is only 200K and can be used as a shell for another company or continuation company by the creditors
* Some institution shareholder believe that NMTI will rebound and therefore today volume is only 4M vs. 18M float
* A class action will recover unjustly lost value in NMTI.
* NMTI management mislead shareholders by not warning them of a liquidation eventuality.
*Lack of finality with the common stock will drive the stock to much higher price
* The stock will not be cancelled. It will trade like a zombie for years. And as result will spike frequently
Rating : (1 Rating) post by hbenporat
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NMT Medical, Inc., a medical technology company, designs, develops, manufactures, and markets implant technologies that allow interventional cardiologists to treat structural heart disease through minimally invasive catheter-based procedures. Its product line comprises CardioSEAL, a cardiac septal repair implant device used for the repair of structural heart disease and intracardiac shunts that result in abnormal blood flow through the chambers of the heart; STARFlex, which incorporates a self-centering system that allows the implant to self-adjust to variations in the anatomy of a septal defect without deforming the septum or interfering with heart valve function; and BioSTAR, a bioabsorbable patent foramen ovale implant and biological closure technology. The company also develops BioTREK, a biological closure technology, which incorporates a biosynthetic material that uses the body?s own regenerative capability to restore function naturally. It primarily serves hospitals, clinics, and other healthcare centers. The company markets its products through distributors, as well as directly in North America and internationally. NMT Medical, Inc. was founded in 1986 and is headquartered in Boston, Massachusetts.
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strong buy, only NOL's worth 3$!!! 29 second(s) ago Sentiment : Strong Buy
0.05 next week, market cap at .05 means less than 1mln $, the minimum value for a shell, with no debt, some assets (non material)
add to this nols at least 50 mln $ or 3$ per share!!!
ok tax loss recovery is limited because of no change of control needed, in other words company shareholder base must not change in order to offset potentially 50 mln $ net income with pregressed losses, but if a change of control happens, due to RM, the nols are recoverable in part.
The equity is owned by shareholders, the nols also, 1/2 years of sale and creditors will recover all money owed to them. Gross margin was 9 million $ in last year, may be 5/6 in 2010 (but we don't know officially) so I think creditors will be fully repaid.
The shell, with only 16 million OS and 50 mln $ nols is a gift at .02.
PPS will stabilize around a nickel or dime, for sure.
Then it will spike frequently due to asset sale news and RM rumors.
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1)NO PROCEEDS FOR COMMONS NOT SURE! MANAGEMENT MUST "PROTECT" COMMONS FROM SPECULATION, CAUTIONING THEM THAT THEY COULD NOT RECEIVE NOTHING.
BUT THAT'S THE WORST SCENARIO, ALREADY INCLUDED IN PPS. INFACT PPS DISCOUNTS ONLY THE 25% OF THE REMAINING SHELL VALUE (1M $ THE TYPICAL MARKET CAP OF A CLEAN SHELL WITHOUT DEBT, TAX CREDIT ASSETS, PERHAPS IP, VERY LOW OS...OR .0625$, WHILE CURRENT MARKET CAP IS LESS THAN 250k $!!!)
2)NO PROCEEDS (FROM ASSETS LIQUIDATION OR ASSIGNMENT) FOR COMMONS DOESN'T MEAN NO LEFT VALUE IN EQUITY! CREDITORS ARE OWED THE ASSETS, NOT THE EQUITY AND THE RIGHTS OWED TO EQUITY HOLDERS. IF SHELL R/M, OWNERS OF EQUITY WILL BENEFICIATE, NOT CREDITORS ALREADY FULLY REPAID. ASSETS MAY OUTWEIGH LIABILITIES, THIS IS N0T A FIRE SALE, BUT AN ORDERLY WIND DOWN.
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Technology Overview
Since 1986, NMT Medical, Inc. has worked with physicians to pioneer innovative, catheter-based technology to provide a minimally invasive treatment for a range of cardiac defects, such as Patent Foramen Ovale (PFO), Atrial Septal Defects (ASD), and Ventricular Septal Defects (VSD).
BioSTAR® is the world’s first bioabsorbable septal repair implant. 90-95% of the BioSTAR® implant is absorbed and replaced by the patients native tissue providing a natural biological closure of the defect.
The STARFlex® uses a unique self-centering mechanism, fabricated from a single nitinol coil micro-spring. The micro-spring is attached to alternating sides of the umbrella arm tips and provides a self-adjusting positioning mechanism which assists to centrally locate the implant within the defect.
The CardioSEAL® works like two tiny spring-loaded umbrellas to cover a hole in the heart. Collapsed, it fits in a catheter that is threaded through veins to reach the heart. Once in position, it is opened and covers both sides of the the hole in the heart.
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Clinical History
NMT Medical, Inc. has been at the forefront of supporting and sponsoring clinical trials in which transcatheter closure of various septal defects is compared to conventional therapy. In some cases, the trials were landmark trials marking the first time some patients received any treatment for their heart defects.
In 1996, NMT sponsored three major trials:
The CardioSEAL® ASD trial – Europe enrolled over fifty patients at five leading pediatric cardiology centers in Europe. Patients had regular follow up for twelve months with excellent outcomes and very low complication rates. On the basis of this data, CardioSEAL® was awarded the CE Mark.
The CardioSEAL® ASD trial - USA, an FDA approved investigational trial comparing CardioSEAL® closure of ASD to surgery. This trial intended to enroll over 200 patients in either the CardioSEAL® or surgical arm, however shortly after initiation it became clear that patients would not participate in the trial, preferring not to take the chance of being randomized to surgery. Subsequent modifications of the trial eliminated that risk, but maintained a surgical cohort. In 1999, this trial was changed to add the STARFlex® Occluder as the implant. Over 150 patients were enrolled, with very good results in small to moderate size atrial defects. Beginning in 2000, a continuation of this study was initiated and approximately another 150 patients were enrolled prior to closure of the study in 2002.
The Children’s Hospital Boston, High Risk Septal Defect Patient trial. In collaboration with the Cardiology division of Children’s Hospital Boston, NMT supported a clinical trial in which patients at high risk for surgical intervention to close their cardiac defect could be treated with CardioSEAL®. This highly successful trial enrolled over 100 patients in just a few years, and was the basis of data used by NMT to gain three critical FDA approvals for patients with: Fenestrated Fontan defect; Ventricular Septal Defect; and PFO – recurrent Stroke. In 2000, this trial was updated to include the STARFlex® Occluder. This trial remained active until 2003.
In 1998, NMT initiated a new trial, the PFO Stroke trial, in which CardioSEAL® was evaluated against best medical therapy for prevention of recurrent stroke in patients with an unknown stroke source and PFO. As with the ASD trial, this trial was updated in 1999 to use the STARFlex® Occluder, however, as with many randomized trials of the time, enrollment was difficult. In 2003, this trial was significantly modified and updated, putting control of the trial directly in the hands of stroke specialists. The new version of the trial called, The CLOSURE I clinical trial, was a first of its kind trial based on an extensive review of the vast observational science related to PFO – CVA closure being performed around the world. CLOSURE I was designed to enroll 1600 patients at over 100 centers in the United States and Canada, with patients being followed for two years. However in 2007, with enrollment slowed due to commercial availability of alternative devices, the enrollment target was reduced to 900 patients. In November 2008, NMT Medical announced enrollment in the CLOSURE I clinical trial was completed. At the present time, it is expected that data analysis will begin in the third quarter of 2010.
In 2002, NMT, working in close collaboration with two major US cardiology programs, began investigating an interesting finding by several physicians who had been using CardioSEAL® to treat recurrent stroke PFO patients under the aforementioned FDA approvals. The finding was that in a subset of those stroke patients who also had migraine headaches, closure of the PFO led to cessation or reduction of the headaches. By late 2003, NMT had gathered compelling evidence of a strong clinical trend and in 2004 put together a Physician Advisory Group to assist the company in designing a “platform” clinical trial to formally investigate the trend with greater scientific rigor. Out of that effort, NMT initiated the first clinical trial evaluating PFO closure for Migraine relief – the MIST (Migraine Intervention with STARFlex® Technology) trial, in late 2004.
MIST I was a 150 patient randomized, double blinded placebo controlled trial completed in the United Kingdom. Results from that trial indicated that refractory migraine patients with PFO would see statistically and clinically significant reduction in their headaches following PFO closure, even with a short follow up time frame of only six months The patients originally enrolled in this trial are continuing longer term follow up in a trial called MIST III.
Also in 2004 in the UK, a 50 patient Atrial Level Shunt trial – The BEST Trial - was initiated using NMT’s revolutionary BioSTAR® implant. BioSTAR® is the world's first bioabsorbable septal repair implant. The positive results of the BEST trial published in circulation resulted in the commercial approval of BioSTAR® in the European community (CE Mark) and Canada (HPB) in late 2007.
Evaluation of the BioSTAR® implant is ongoing in Europe and in Canada. Long term performance data is being evaluated through two active register studies: BRAVO (adult PFO patients) and BASIC (pediatric ASD patients).
NMT continues to lead the industry in developing clinical science related to PFO. We continually evaluate other medical conditions in which PFO may be a causative factor.
For more information, see our FDA Disclaimer
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