Perspective Therapeutics, Inc. (NYSE: CATX)

Sector: Healthcare Industry: Medical Devices CIK: 0000728387
Market Cap 342.09 Mn
P/B 1.41
P/E -3.23
P/S 318.22
ROIC (Qtr) -46.12
Div Yield % 0.00
Rev 1y % (Qtr) -43.36
Total Debt (Qtr) 3.31 Mn
Debt/Equity (Qtr) 0.01
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About

Perspective Therapeutics, Inc., a biotechnology company, is pioneering the development of the next generation of precision-targeted alpha therapies for oncology. The company's proprietary TAT (Targeted Alpha Therapy) platform is designed to deliver alpha-emitting radiopharmaceuticals directly to cancer cells, minimizing damage to healthy tissue. Two primary products under development by Perspective Therapeutics are VMT-α-NET and VMT01. VMT-α-NET is a TAT designed for patients with unresectable or metastatic somatostatin receptor type 2 (SSTR2)-expressing...

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Investment thesis

Bull case

  • Healthy cash reserves of 26.76M provide 35.26x coverage of short-term debt 759000, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 244.82M provides 73.90x coverage of total debt 3.31M, indicating robust asset backing and low credit risk.
  • Tangible assets of 244.82M provide exceptional 9.20x coverage of deferred revenue 26.60M, showing strong service capability backing.
  • Short-term investments of 147.38M provide solid 21.96x coverage of other current liabilities 6.71M, indicating strong liquidity.
  • Tangible assets of 244.82M provide robust 36.48x coverage of other current liabilities 6.71M, indicating strong asset backing.

Bear case

  • Operating cash flow of (84.43M) barely covers its investment activities of (125.91M), with a coverage ratio of 0.67, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (125.91M) provide weak support for R&D spending of 64.17M, which is -1.96x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (84.43M) provides insufficient coverage of deferred revenue obligations of 26.60M, which is -3.17x, raising concerns about future service delivery capabilities.
  • Short-term investments of 147.38M significantly exceed cash reserves of 26.76M, which is 5.51x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.
  • The company's operating cash flow of (84.43M) shows concerning coverage of stock compensation expenses of 8.72M, with a -9.69 ratio indicating potential earnings quality issues.

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.07 2.13
EV to Cash from Ops. EV/CFO -3.75 2.75
EV to Debt EV to Debt 95.63 17.25
EV to EBIT EV/EBIT -2.94 2.89
EV to EBITDA EV/EBITDA -2.73 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF -2.98 29.36
EV to Market Cap EV to Market Cap 0.93 25.09
EV to Revenue EV/Rev 294.70 32.80
Price to Book Value [P/B] P/B 1.41 4.73
Price to Earnings [P/E] P/E -3.23 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) -450.45 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 44.96 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -88.18 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -65.93 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -107.86 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) -92.97 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) -92.89 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) 3.23 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) -162.13 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) -30.96 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.00 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 1.30 1.80
Current Ratio Curr Ratio (Qtr) 8.66 4.18
Debt to Equity Ratio Debt/Equity (Qtr) 0.01 1.20
Interest Cover Ratio Int Coverage (Qtr) -450.45 196.93
Times Interest Earned Times Interest Earned (Qtr) -450.45 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -9,749.70 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) -10,014.70 -2,478.60
EBT Margin % EBT Margin % (Qtr) -10,036.93 -2,690.42
Gross Margin % Gross Margin % (Qtr) 100.00 30.80
Net Profit Margin % Net Margin % (Qtr) -9,841.90 -2,821.53