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Stocks | We noticed yesterday that Layne Christensen Company Inc. (Nasdaq: LAYN ) had scheduled their fiscal 2010 earnings call for March 30 2010. While we hate to admit it this is a great example of just what can happen when investors fail to believe their own research.

Several years ago we were asked if we knew of a company that actually owned water rights. Admittedly we had never heard of such a thing but were intrigued with the idea. In the end we never found a company that actually owned water rights but we did come across Layne Chistensen.

Curious we ran some numbers read a few SEC filings and decided we would wait since the stock seemed just a bit to expensive. We actually waited right through the recent market bottom in March 2008 when the stock was trading in the $14 range.

Today we are still waiting. The question is should we be?

Basis
Financial information related to the Layne Christensen Company Inc. contained in this report is based on the company's most recent Form 10-K filing for fiscal year ending January 31 2009 as filed with the Securities and Exchange Commission on March 31 2009.

What They Do
Layne Christensen provides drilling and construction services and sells related products in two principal markets: water infrastructure and mineral exploration. The company also operates as a producer of unconventional natural gas for the energy market.

The company operates throughout North America Africa Australia Europe and Brazil as well as through their affiliates in South America.

The company's customers include municipalities investor-owned water utilities industrial companies global mining companies consulting engineering firms heavy civil construction contractors oil and gas companies and to a lesser extent agri-businesses.

Short-Term Investment
The stock has resistance at $35.14 a 26% increase from a recent close of $27.96 and finds support at $27.47 a 2% decline from a recent close. Since the stock appears to us to be in an uptrend the spread between resistance and support makes sense.

But when we start to look at the trend line for the stock we think upward momentum is starting to play out and that the stock price could start to pull back.

So at the moment with a current PEG Ratio of 1.9 and a quarterly PE ratio of 33 we happen to think that for short-term invstors waiting is the right thing to do until after earnings are announced may be the right thing to do.

Long-Term (5 Year Hold) Investment
The stock is currently trading at 1.5 times FY09 tangible book value and at just over 8 times FY09 free cash flow which considering the industries the company serves seems extremely

reasonable to us. However as we noted earlier the company is set to release FY10 numbers in a few days and we simply don't believe these numbers will be as positive as FY09 numbers.

In addition we found the company's FY09 current ratio acid test ratio and cash ratio to be below what we consider to be investment quality and note that these metrics were down slightly from FY08.

Additionally we were please to find the company's net current asset value to at least be a positive number and with the ongoing economic slump we think this bodes well for management.

Couple a positive net current asset value with a return on invested capital of almost 22% and then factor in management's statement in November of 2009 that the company was debt free and we have to think maybe the time to wait has past.

Further while much improved over FY08 we noticed that management continues to allow the company to pay their bills faster than than the company's receivables are collected.

While we admire that the company pays its bills timely we simply don't think it prudent that the company provide an average 14 day interest free loan to its suppliers.

Final Thoughts
Our reasonable value estimate for the company is in the $52-$60 per share range and we believe that over the longer term patient investors may be pleasantly rewarded.

In the end at least for FY09 the company produced an earnings yield of 11.38% an almost 8% delta when compared to a recent 10 year T-Bill yield of 3.66% which again bodes well for investment consideration.

As we said at the outset since we stumbled across this stock several years ago we seem to have been waiting admittedly for what we aren't quite sure.

But all things considered we think the patient long-term investor might be well served with a share or two of Layne Christensen especially if earnings come in at or below current estimates something we will have to wait until Tuesday to find out .

Wax

To download the Wax Ink Layne Christensen Raw Value Worksheet please click here . All

Stocks | Insiders are selling
Revenues are down
EPS are down
CERN underperform compare with the market last 3m
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Cerner Corporation provides healthcare information technology solutions
healthcare devices and related services in the Americas Europe
the Middle East and the Asia Pacific region. It offers Cerner Millennium
architecture which provides access to an individual?s electronic medical
record at the point of care and organizes and delivers information for
physicians nurses laboratory technicians pharmacists
front and back-office professionals and consumers. The company also
provides CareAware device architecture that connects information from
various devices to the clinician workflow and electronic medical record. All

Stocks | NeoStem (AMEX: NBS) is an innovator and leader in the pre-disease collection processing and long-term storage of adult stem cells for the general population to use in future medical applications. The Company's business model includes generating revenue through ongoing fees associated with a minimally invasive proprietary stem cell collection process in addition to fees charged to the centers for marketing and long-term storage. NeoStem targets its marketing efforts toward health conscious consumers to encourage them to donate and store their stem cells as a form of bio-insurance for possible use in later years or to address an emerging medical need. <o:p> </o:p>

<o:p> </o:p>

http://www.mikehavrx.com/2009/09/neostem-amex-nbs-pending-mer... <o:p> </o:p>

<o:p>   </o:p> Click here to join NeoStem on Facebook and the following are links to eight YouTube videos related to NeoStem and promising medical applications of adult stem cells including (1) an interview with NeoStem's CEO Robin Smith (conducted in May 2009); (2) peripheral vascular disease ; (3) multiple sclerosis (MS) ; (4) orthopedic surgery ; (5) diabetes ; (6) heart attack ; (7) heart valve development ; and (8) lupus . In addition NeoStem also has a page at its website with more recent videos . <o:p> </o:p>

NeoStem's initial collection center network includes single physician practices in California Pennsylvania and Nevada. The revenues generated by these early efforts have not been significant and the Company does not expect this core business to become significant on an income statement basis. However the importance of developing the stem cell collection centers is twofold including (1) the ability to leverage the collection network for research (VSELs) anti-aging cosmetic and regenerative medicine applications and (2) potential to grow the network through multi-physician practices that target major metro areas. <o:p> </o:p>

NeoStem has also expanded into stem cell research as part of an exclusive licensing agreement with the University of Louisville for the identification and isolation of rare stem cells found in adult bone marrow called VSEL for short (very small embryonic-like). As the name suggests VSELs share traits with embryonic stem cells (ESCs) including the ability to differentiate into a wide variety of cells found throughout the body for many potential medical applications. <o:p> </o:p>

The Company is working on a method to expand VSELs collected from individual patients while preserving their ability to differentiate in an embryonic-like manner for a wide variety of regenerative medicine applications. The use of VSELs would avoid the ethical controversies associated with ESCs in addition to eliminating the risk of immune system reactions since VSELs originate from the patient (autologous) and would not be rejected as foreign by the body. <o:p> </o:p>

In mid-April NeoStem announced an $11 million private placement (led by RimAsia Capital Partners and Enhance Biomedical at $5M each) aimed at expanding its operations in China. In late 2008 NeoStem signed a definitive agreement to acquire control of a China regenerative medical therapy company (Shandong New Medicine Research Institute of Integrated Traditional and Western Medicine LLC) as part of the Company's efforts to expand its medical tourism business. Through this deal NeoStem can offer regenerative medicine therapies to people in the U.S. Europe and other developed countries which do not currently offer such alternatives. <o:p> </o:p>

In early May the Company filed a patent application which covers cosmetic stem cell face lift technology while simultaneously announcing an expansion to its stem cell collection network which is located at the Giampapa Institute for Anti-Aging Medical Therapy in Montclair NJ. NeoStem also signed a deal for the exclusive worldwide rights to an innovative technology and pending patents that involve using a patient's own stem cells derived from their bone marrow to promote healing of chronic wounds. <o:p> </o:p>

Other developments for NeoStem earlier this year include licensing the worldwide rights to Primcel which is a stem cell product derived from a patient's own bone marrow that has demonstrated promising early-stage results for speeding up the healing of chronic wounds. The CEO of NeoStem Dr. Robin Smith announced in a statement that the U.S. Department of Defense appropriated $800 000 last year for NeoStem to evaluate the use of adult stem cells to treat wounds. The net amount of the grant must be distributed to the Company by October 2010 and will be $681 000. <o:p> </o:p>

NeoStem also signed an exclusive licensing agreement for Asia with Regenerative Sciences LLC for a medical procedure known as Regenexx. This process involves extracting stem cells from a patient's own bone marrow isolating the mesenchymal stem cells (which can develop into bone tendon ligament cartilage and muscle) culturing the cells in a proprietary solution with elements from the patient's blood and generating millions of stem cells over a period of 2-3 weeks. The cells are re-injected into the patient's affected joints or bones to promote tissue healing and bone/cartilage restoration as an alternative to surgery. <o:p> </o:p>

In mid-May NeoStem announced an agreement with Ceres Living to promote the sale of an innovative liquid nutritional supplement called AIO Premium Cellular Health that blends a variety of fruit extracts in an all-natural puree (including acai pomegranate blueberry acerola amla camu camu mango and dark cherry with 13 830 mg of whole fruit per one ounce in addition to resveratrol green tea and plenty of other vitamins and minerals). NeoStem and the Stem for Life Foundation will receive a portion of the proceeds from each sale in exchange for the Company providing Ceres Living with certain scientific literature and access to its scientific personnel. <o:p> </o:p>

In mid-June the Company announced an exclusive 10-year agreement with Enhance BioMedical Holdings Limited a Shanghai corporation to develop a Stem Cell Collection and Treatment Network using NeoStem's proprietary adult stem cell technologies in Shanghai Taiwan and several Chinese provinces. Enhance BioMedical Holdings is a subsidiary of Enhance Holding Corporation a multinational conglomerate whose CEO Jackson Ling invested $5M as part of the previously announced $11M private placement funding in mid-April. <o:p> </o:p>

Enhance BioMedical has healthcare provider relationships with numerous hospitals and doctors in Taiwan and Shanghai as well as in the five provinces in China to which the Network Agreement relates. Enhance BioMedical operates the Anti-Aging and Prevention Medical Center in Taipei Taiwan with facilities focused on stem cell research and development and anti-aging therapies. It expects to open an additional healthcare center in Shanghai during spring 2010 which will target high net worth individuals. <o:p> </o:p>

On 7/1/09 NeoStem announced that it raised additional gross funds exceeding $4 million (M) from both institutional and private investors adding to the previously announced capital raise in mid-April ($11M) for total proceeds of over $15M. In addition affiliates of Suzhou Erye Pharmaceuticals Company Ltd. increased their overall investment in NeoStem at the time to over $1M. Pending shareholder approval NeoStem expects to close its acquisition of a 51% interest in Suzhou Erye through a merger with its current 51% owner China Biopharma (OTC: CHBP.OB) as part of the Company’s expansion activities (e.g. medical tourism) in that country. <o:p> </o:p>

The proceeds will also be used to fund NeoStem's R&D initiatives in VSEL expanding the Company’s U.S.-based operations and adding seasoned individuals to the NeoStem management team who have experience in clinical drug development from the pharmaceutical and biotechnology industry in addition to the administration of clinical trials conducted outside of the U.S. As evidence of the quality and experience of the NeoStem’s management team below are two upcoming industry-related conferences in which the Company will participate. <o:p> </o:p>

The CEO of NeoStem Robin Smith M.D. MBA has been invited to participate in the 2009 World Stem Cell Summit in Baltimore Maryland and will participate on the panel "Cord Blood and Cell Banking: Answers for Patients Researchers and Industry " which is scheduled for 9/23/09 from 4-5:15 pm (ET). In addition the Company's Vice President of Drug Development and Regulatory Affairs Alan Harris M.D. Ph.D. is scheduled to speak at a conference on Clinical Applications for Age Management Medicine in Las Vegas and will present on 11/5/09 about "The Apheresis Product: A Rich Source of Pluripotent VSELs Stem Cells and Progenitor Cells for Autologous Banking and Cellular Therapies." <o:p> </o:p>

In addition to the $4M capital raise in early July NeoStem ended 2Q09 with about $10.5M in cash/equivalents ($10M in working capital) negligible debt 8.5M shares of common stock outstanding and a market cap of approximately $16M based on a closing price of $1.85/share on 15-September within a 52-week range of $0.41 – $2.72. The three-month average daily trading volume is approximately 36 000 shares with a slightly higher average 10-day average daily trading volume of 38 000 shares. <o:p> </o:p>

NeoStem posted a net loss of approximately $6.8M for the first six months of 2009 and cash used to fund operations during 1H09 was $5.2M. As of mid-2009 NeoStem has approximately 18.3M warrants outstanding (5.2M exercisable) with the majority occurring at an exercise price range of $0.50 – $3.02 per share. In addition the Company has 2.6M options outstanding (2.1M exercisable) with the majority occurring at an exercise price range of $0.71 – $4.17 per share. <o:p> </o:p>

During 2008 NeoStem’s potential merger partner China Biopharma generated approximately $50M in revenue $2.8M in net income $41.8M in operating expenses and posted a diluted EPS of $0.05/share. At the end of 2Q09 CHBP.OB had $2.5M in cash/equivalents $2.4M accounts receivable zero long-term debt total assets of $48.8M (including $7.5M classified as intangible assets) current liabilities of $21.8M (including notes payable/short-term debt of $9.7M) and 37.1M shares of common stock outstanding. During 1H09 China Biopharma generated $9.2M in cash from operations. <o:p> </o:p>

More recently China Biopharma has experienced positive growth trends including revenue of $15.3M for 2Q09 representing an increase of 15% from the year-ago period. The Company attributed the growth to an increase in the production and sales of prescription drugs which grew by about 25% from the year-ago period. China Biopharma improved its sales mix to include higher margin products in addition to an increase in volume to achieve this growth which resulted in net income during 2Q09 of $3.9M that increased by 45% from the year-ago period. <o:p> </o:p>

NeoStem’s strategy to greatly expand its presence and operations in China pursuant to the merger agreement will allow the Company to expedite its R&D and commercialization objectives for stem cell and regenerative medicine therapies in an environment that is more conducive to such treatments. However NeoStem has assembled an experienced team of executives and scientific/medical advisors to implement its strategy in China to best capitalize on the opportunity which includes both a rapidly growing middle class in China with increased spending power and a medical tourism business for those located outside of China. <o:p> </o:p>

As of 7/1/09 NeoStem entered into an Amendment No. 1 to the Agreement and Plan of Merger with China Biopharmaceuticals Holdings Inc. (“CBH”) China Biopharmaceuticals Corp. CBH’s wholly-owned subsidiary (“CBC”) and CBH Acquisition LLC NeoStem’s wholly-owned subsidiary. Some highlights of the amended terms of the merger agreement outlined in NeoStem’s most recent SEC 10Q filing are outlined below. <o:p> </o:p>

1.) The number of shares of NeoStem common stock to be issued to the CBH Common Stockholders was reduced to an aggregate of 7.15 million shares for an exchange ratio of 0.19255 with no additional shares being escrowed – equal to approximately $0.36/share for CHBP.OB (which last traded at $0.21/share) based on NeoStem’s current price of $1.85/share as of mid-September

2.) The number of common stock shares to be issued to RimAsia will be increased to approximately 6.5 million and 8.2 million shares of NeoStem Series C Convertible Preferred Stock each with a liquidation preference of $1.125 and convertible to shares of NeoStem Common Stock at an initial conversion price of $0.90; <o:p> </o:p>

<o:p> </o:p>

3.) A total of 125 000 shares of NeoStem Common Stock will be issued to Erye Economy and Trading Co. Ltd. (“EET”) (the 49% holder of Suzhou Erye); 51% of which is owned by CBH and which 51% will be acquired by; <o:p> </o:p>

<o:p> </o:p>

4.) The outside date for completion of the Merger is extended to 10/31/09; <o:p> </o:p>

<o:p> </o:p>

5.) As part of the 7/1/09 funding agreement RimAsia shall supply additional funding to both NeoStem and CBH in an amount up to $1.6M which includes approximately $1M advanced at the time of the 10Q filing for 2Q09. <o:p> </o:p>

<o:p> </o:p>

NeoStem is rapidly expanding upon its core adult stem cell collection and banking business model into related areas such as research on VSELs along with cell-based anti-aging and regenerative medicine applications in the U.S and China. While NeoStem maintains its platform business of operating a commercial autologous adult stem cell bank network its core platform business will be enhanced and leveraged upon as the Company expands its regenerative medicine offerings and makes these available to patients through medical tourism initiatives and the local population in China. In addition the pending merger agreement represents a near-term catalyst with a targeted completion date by the end of October which includes the core growing business of China Biopharma and allows NeoStem to accelerate its China expansion plans beyond cell banking to include regenerative medicine anti-aging/cosmetic medicine and adult stem cell therapies. <o:p> </o:p>

<o:p> </o:p>

Disclosure: No positions. See my full disclaimer at MikeHavRx.com at the bottom of any page. <o:p> </o:p>

All

Stocks | Mike Havrilla submits:

The stock research section of BioMedReports.com has been updated on 8/1/09 for my new report on EXACT Sciences (NASDAQ:EXAS) which provides a more comprehensive and global earnings model for the company's next-generation stool DNA (sDNA) screening test (V3) for colorectal cancer (CRC) since my previous article in mid-July.

The following is a summary of the highlights projections and expected milestones from my 14-page PDF report for EXAS:

1. Key financial metrics include about 35 million shares outstanding $28.8 million cash/equivalents and no debt
2. Adequate liquidity through at least late 2010 with modest dilution up to 40 million shares expected through 2012
3. Planned FDA submission in 2011 of V3 sDNA CRC screening test for marketing clearance
4. Collaborations with Mayo Clinic and Genzyme (NASDAQ:GENZ)
5. EXAS has a proven executive leadership team from Third Wave with experience in molecular diagnostics. Third Wave was sold to Hologic (NASDAQ:HOLX) in 2008 for $582 million and the management team led the successful clinical development and FDA clearance of screening tests for cervical cancer while at Third Wave.
6. Pending clinical trial with 8 000-10 000 subjects enrolled at 30-40 clinical sites with a goal of obtaining broad claims for a non-invasive sDNA-based CRC screening test including the detection of pre-cancers and adenomas
7. Expected market launch of a FDA-cleared V3 test during 2011 with first full year of sales in 2012
8. The V3 sDNA screening technology outperforms blood-based tests especially for earlier stage disease detection which is critical for improved treatment and survival outcomes. In August 2008 research was published in which a total of 25 sDNA samples from CRC patients were analyzed and a next generation sDNA technology (V3) correctly identified 23 (92%) of the cancers. In the 16 of 25 cases where there were paired stool and plasma DNA samples the sDNA technology detected mutated DNA in stool in 14 cases (88%) while only 8 (50%) corresponding plasma DNA samples had detectable levels of mutated DNA.
9. A five-year interval for sDNA CRC screening equates to about 16 million people in U.S. eligible for annual screening; while a three-year interval ups the number to 27 million. Significant upside is possible based on wider adoption of preventative medicine as part of U.S. healthcare reform especially in the area of screening tests for the early detection of cancer as it much cheaper and more beneficial to patients to prevent or begin treatment of CRC in early stages.
10. Key earnings model assumptions include a recommended three-year screening interval for the FDA-cleared V3 technology as a mass-screening test for the average-risk population with the ability to detect pre-cancers and adenomas. Three key regions reflected in earnings model include North America Europe and Asia-Pacific with estimated populations in each of about 100 million people over the age of 50 eligible for the V3 sDNA screening test for CRC.
11. The models include estimated market penetration rates of 10% in 2012 and 15% in 2013 on a global basis. The U.S. marketing plan is likely to involve direct licensing of FDA V3 test kit to major labs throughout the country. The ex-U.S. marketing plan is expected to involve a combination of licensing deals with regional diagnostic companies/labs and/or a multi-national firm such as Abbott Labs (NYSE:ABT) or Roche (RHHBY.PK) with a significant diagnostics business
12. The market opportunity in the U.S. alone equates to potential earnings power exceeding $4/share for EXAS in 2012 assuming a 10% market penetration rate for 100 million people over age 50 with $150 reimbursement rate and a recommended three-year testing interval. Market opportunities in Europe and Asia-Pacific regions equate to over $4/share in additional earnings power in 2012 with lower reimbursement and royalty rates assumed for these regions but EXAS would not bear any of the expenses for marketing or sales as ex-U.S. opportunity represents a pure-play on licensing royalties.
13. The major risk factor underlying the models presented in the report are pending results in the clinical trial for FDA clearance. The company's goal is to obtain a broad FDA-cleared test with 80-90% sensitivity for the detection of CRC and 65-70% for pre-cancers in the average risk population for a three-year testing interval recommendation.

EXAS will provide an updated corporate presentation along with its 2Q09 operating results on 8/12/09 with a conference call scheduled for 10 am (ET) on that day.

Complete Story » All

Stocks | Mike Havrilla submits:

Below is a summary of updates to the BioMedReports.com database of 240 entries included in the FDA and Clinical Trial Calendars.

Complete Story » All

Stocks | ConAgra Foods Inc. operates as a packaged food company. The company offers consumer food which include branded private label and customized food products such as meals entrees condiments sides snacks and desserts across frozen refrigerated and shelf-stable temperature classes to the customers operating in retail and foodservice channels. Its principal brands include Angela Mia ACT II Banquet Blue Bonnet Chef Boyardee DAVID Egg Beaters Healthy Choice Hebrew National Hunt’s Kid Cuisine LaChoy Libby’s Manwich Marie Callender’s Orville Redenbacher’s PAM Parkay Rosarita Slim Jim Reddi-Wip The Max Ro*Tel Snack Pack Swiss Miss VanCamp and Wesson. The company also provides foods and ingredients which include specialty potato products milled grain ingredients dehydrated vegetables and seasonings blends and flavors under the ConAgra Mills Lamb Weston Gilroy Foods and Spicetec brands for the food processors in foodservice food manufacturing and industrial sectors. It sells its products principally in retail channels in North America Europe and Asia. The company was founded in 1919 and is headquartered in Omaha Nebraska. All

Stocks | CRA International Inc. operates as an economic financial and management consulting company worldwide. It offers litigation regulatory and financial consulting as well as business consulting services. Its services comprise a range of litigation and regulatory proceedings offering research and analysis testimony and support in litigation and regulatory proceedings in the areas of finance accounting financial economics risk management insurance and forensic accounting and investigations. The company also provides class certification damages analysis expert reports and testimony regulatory analysis strategy development valuation of tangible and intangible assets risk management and transaction support services for law firms businesses and government agencies. Its business consulting services consist of strategy development performance improvement corporate portfolio analysis estimation of market demand new product pricing strategies valuation of intellectual property and other assets assessment of competitors' actions and analysis of new sources of supply. The company serves domestic and foreign corporations; federal state and local domestic government agencies; governments of foreign countries; public and private utilities; and national and international trade associations as well as various industries comprising aerospace and defense banking and capital markets capital projects chemicals energy and utilities financial services healthcare insurance manufacturing media mining metals materials oil and gas pharmaceuticals real estate retail sports telecommunications and transportation. CRA International Inc. was founded in 1965 and is based in Boston Massachusetts with additional offices in North America Europe the Middle East and Asia. All

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