CEO Wayne Paterson made an impressive presentation at the Anteris AGM this morning despite battling jet lag.

It is hard not to share his enthusiasm. I have come to share his analysis on two of the components which represent the value proposition still promised by Anteris at this late stage:

1. The clinical risk of the failure of DurAVR is getting smaller and smaller (with Paterson placing it at 1%, and the even 0% at one moment) with 21 humans now implanted. As he points out this is med-tech —not biotech — and these numbers are significant. Yet the market is still appearing to price Anteris’ risk in the manner of an experimental pharma, waiting for some fatal previously unknowable side-effect with the ability to can the product permanently. This is a different field. If Anteris fails, it won’t play out like that.
2. This is a very high-margin product with a very highly concentrated number of surgeons and centres — many of the most influential and prolific already having interaction or dialogue with Anteris. For example, Anteris’ own Chief Medical Officer performs performs 300 (I’m going to check that number on the audio again to confirm) TAVR operations a year. So his operations alone account for $18,000,000 USD per annum of the multi-billion TAM of the space Anteris is in.

I’m also increasingly confident in the prospect of Anteris reaching commerciality alone. Which Paterson ranks as the most valuable prospect for shareholders (with partnership 2nd and acquisition/takeover 3rd). Nevertheless, I will not be surprised if this was the penultimate — or even last — AGM for Anteris.