Intrinsic value of BioDelivery Sciences International - BDSI

Previous Close

$3.30

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

+5000%

Previous close

$3.30

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

+5000%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BDSI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -66.67
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  16
  26
  40
  59
  86
  121
  166
  223
  293
  378
  477
  592
  724
  873
  1,038
  1,221
  1,420
  1,636
  1,868
  2,115
  2,378
  2,656
  2,949
  3,256
  3,577
  3,913
  4,263
  4,628
  5,007
  5,402
  5,812
Variable operating expenses, $m
 
  9
  14
  21
  31
  43
  60
  80
  105
  135
  170
  211
  258
  311
  370
  435
  506
  583
  665
  754
  847
  946
  1,050
  1,160
  1,274
  1,394
  1,519
  1,649
  1,784
  1,924
  2,070
Fixed operating expenses, $m
 
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
Total operating expenses, $m
  79
  79
  85
  94
  106
  120
  139
  161
  188
  220
  257
  300
  349
  405
  466
  533
  607
  686
  771
  863
  958
  1,060
  1,167
  1,280
  1,397
  1,520
  1,648
  1,781
  1,920
  2,063
  2,213
Operating income, $m
  -64
  -54
  -46
  -35
  -20
  1
  28
  63
  106
  158
  220
  292
  375
  468
  572
  687
  813
  950
  1,096
  1,253
  1,419
  1,596
  1,781
  1,976
  2,180
  2,393
  2,615
  2,847
  3,088
  3,338
  3,599
EBITDA, $m
  -63
  -52
  -44
  -33
  -16
  6
  36
  73
  119
  175
  241
  318
  406
  506
  618
  741
  875
  1,021
  1,178
  1,346
  1,524
  1,712
  1,910
  2,118
  2,337
  2,564
  2,802
  3,049
  3,307
  3,575
  3,853
Interest expense (income), $m
  3
  3
  3
  8
  14
  22
  32
  46
  63
  84
  109
  139
  174
  214
  258
  308
  363
  423
  488
  558
  632
  712
  795
  883
  976
  1,072
  1,173
  1,279
  1,389
  1,503
  1,622
Earnings before tax, $m
  -67
  -57
  -50
  -43
  -34
  -21
  -4
  17
  43
  74
  110
  153
  201
  254
  314
  379
  450
  526
  608
  695
  787
  884
  986
  1,093
  1,204
  1,321
  1,442
  1,568
  1,699
  1,835
  1,977
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  5
  12
  20
  30
  41
  54
  69
  85
  102
  122
  142
  164
  188
  213
  239
  266
  295
  325
  357
  389
  423
  459
  496
  534
Net income, $m
  -67
  -57
  -50
  -43
  -34
  -21
  -4
  12
  31
  54
  80
  111
  146
  186
  229
  277
  329
  384
  444
  507
  575
  645
  720
  798
  879
  964
  1,052
  1,145
  1,240
  1,340
  1,443

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  52
  83
  128
  192
  279
  393
  540
  725
  953
  1,226
  1,548
  1,923
  2,350
  2,833
  3,371
  3,964
  4,611
  5,311
  6,064
  6,867
  7,721
  8,623
  9,573
  10,571
  11,614
  12,705
  13,841
  15,025
  16,257
  17,538
  18,869
Adjusted assets (=assets-cash), $m
  20
  83
  128
  192
  279
  393
  540
  725
  953
  1,226
  1,548
  1,923
  2,350
  2,833
  3,371
  3,964
  4,611
  5,311
  6,064
  6,867
  7,721
  8,623
  9,573
  10,571
  11,614
  12,705
  13,841
  15,025
  16,257
  17,538
  18,869
Revenue / Adjusted assets
  0.800
  0.313
  0.313
  0.307
  0.308
  0.308
  0.307
  0.308
  0.307
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
Average production assets, $m
  7
  11
  17
  26
  38
  53
  73
  98
  129
  165
  209
  259
  317
  382
  455
  535
  622
  716
  818
  926
  1,042
  1,163
  1,291
  1,426
  1,567
  1,714
  1,867
  2,027
  2,193
  2,366
  2,546
Working capital, $m
  23
  -3
  -4
  -6
  -9
  -12
  -17
  -22
  -29
  -38
  -48
  -59
  -72
  -87
  -104
  -122
  -142
  -164
  -187
  -212
  -238
  -266
  -295
  -326
  -358
  -391
  -426
  -463
  -501
  -540
  -581
Total debt, $m
  29
  34
  75
  132
  210
  313
  445
  612
  816
  1,062
  1,352
  1,689
  2,074
  2,509
  2,993
  3,526
  4,108
  4,739
  5,416
  6,140
  6,908
  7,720
  8,575
  9,473
  10,412
  11,393
  12,416
  13,482
  14,591
  15,743
  16,941
Total liabilities, $m
  70
  75
  116
  173
  251
  354
  486
  653
  857
  1,103
  1,393
  1,730
  2,115
  2,550
  3,034
  3,567
  4,149
  4,780
  5,457
  6,181
  6,949
  7,761
  8,616
  9,514
  10,453
  11,434
  12,457
  13,523
  14,632
  15,784
  16,982
Total equity, $m
  -18
  8
  13
  19
  28
  39
  54
  73
  95
  123
  155
  192
  235
  283
  337
  396
  461
  531
  606
  687
  772
  862
  957
  1,057
  1,161
  1,270
  1,384
  1,503
  1,626
  1,754
  1,887
Total liabilities and equity, $m
  52
  83
  129
  192
  279
  393
  540
  726
  952
  1,226
  1,548
  1,922
  2,350
  2,833
  3,371
  3,963
  4,610
  5,311
  6,063
  6,868
  7,721
  8,623
  9,573
  10,571
  11,614
  12,704
  13,841
  15,026
  16,258
  17,538
  18,869
Debt-to-equity ratio
  -1.611
  4.070
  5.810
  6.870
  7.530
  7.960
  8.240
  8.430
  8.570
  8.670
  8.740
  8.790
  8.830
  8.860
  8.880
  8.900
  8.910
  8.920
  8.930
  8.940
  8.950
  8.950
  8.960
  8.960
  8.960
  8.970
  8.970
  8.970
  8.970
  8.980
  8.980
Adjusted equity ratio
  -2.500
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -67
  -57
  -50
  -43
  -34
  -21
  -4
  12
  31
  54
  80
  111
  146
  186
  229
  277
  329
  384
  444
  507
  575
  645
  720
  798
  879
  964
  1,052
  1,145
  1,240
  1,340
  1,443
Depreciation, amort., depletion, $m
  1
  1
  2
  3
  4
  6
  8
  10
  13
  17
  21
  26
  32
  38
  45
  53
  62
  72
  82
  93
  104
  116
  129
  143
  157
  171
  187
  203
  219
  237
  255
Funds from operations, $m
  -58
  -55
  -48
  -40
  -30
  -15
  3
  22
  44
  71
  102
  137
  178
  224
  275
  330
  391
  456
  526
  600
  679
  762
  849
  940
  1,036
  1,135
  1,239
  1,347
  1,460
  1,576
  1,698
Change in working capital, $m
  -4
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -10
  -12
  -13
  -15
  -17
  -18
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
Cash from operations, $m
  -54
  -54
  -46
  -38
  -27
  -12
  8
  28
  51
  79
  112
  149
  191
  239
  291
  348
  411
  477
  549
  625
  705
  789
  878
  971
  1,068
  1,169
  1,274
  1,384
  1,498
  1,616
  1,739
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -7
  -10
  -13
  -17
  -21
  -26
  -32
  -38
  -45
  -53
  -62
  -72
  -82
  -93
  -104
  -116
  -129
  -143
  -157
  -171
  -187
  -203
  -219
  -237
New CAPEX, $m
  0
  -4
  -6
  -9
  -12
  -15
  -20
  -25
  -31
  -37
  -44
  -50
  -58
  -65
  -73
  -80
  -87
  -94
  -102
  -108
  -115
  -122
  -128
  -135
  -141
  -147
  -153
  -160
  -166
  -173
  -180
Cash from investing activities, $m
  0
  -5
  -7
  -11
  -15
  -19
  -25
  -32
  -41
  -50
  -61
  -71
  -84
  -97
  -111
  -125
  -140
  -156
  -174
  -190
  -208
  -226
  -244
  -264
  -284
  -304
  -324
  -347
  -369
  -392
  -417
Free cash flow, $m
  -54
  -59
  -54
  -49
  -41
  -31
  -17
  -4
  11
  29
  52
  78
  108
  142
  180
  223
  270
  321
  376
  435
  497
  564
  634
  707
  784
  865
  949
  1,037
  1,129
  1,224
  1,323
Issuance/(repayment) of debt, $m
  0
  5
  41
  57
  78
  103
  133
  166
  204
  246
  290
  337
  385
  434
  484
  533
  582
  630
  677
  723
  768
  812
  855
  897
  939
  981
  1,023
  1,066
  1,109
  1,153
  1,198
Issuance/(repurchase) of shares, $m
  3
  83
  54
  49
  42
  32
  19
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  3
  88
  95
  106
  120
  135
  152
  172
  204
  246
  290
  337
  385
  434
  484
  533
  582
  630
  677
  723
  768
  812
  855
  897
  939
  981
  1,023
  1,066
  1,109
  1,153
  1,198
Total cash flow (excl. dividends), $m
  -52
  29
  41
  58
  79
  104
  134
  169
  215
  275
  342
  414
  493
  576
  664
  756
  852
  951
  1,053
  1,158
  1,265
  1,376
  1,489
  1,605
  1,724
  1,846
  1,973
  2,103
  2,237
  2,377
  2,521
Retained Cash Flow (-), $m
  50
  -83
  -54
  -49
  -42
  -32
  -19
  -18
  -23
  -27
  -32
  -37
  -43
  -48
  -54
  -59
  -65
  -70
  -75
  -80
  -85
  -90
  -95
  -100
  -104
  -109
  -114
  -118
  -123
  -128
  -133
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -54
  -13
  9
  37
  72
  115
  150
  193
  248
  310
  377
  450
  528
  611
  697
  787
  881
  978
  1,078
  1,180
  1,285
  1,394
  1,505
  1,620
  1,737
  1,859
  1,984
  2,114
  2,248
  2,388
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  -52
  -12
  8
  30
  56
  84
  101
  120
  142
  162
  179
  192
  201
  205
  205
  200
  192
  180
  166
  150
  133
  116
  99
  82
  68
  54
  43
  33
  25
  18
Current shareholders' claim on cash, %
  100
  50.0
  6.6
  1.4
  0.4
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1

BioDelivery Sciences International, Inc., a specialty pharmaceutical company, engages in the development and commercialization of pharmaceutical products principally in the areas of pain management and addiction. The company provides its products based on its patented BioErodible MucoAdhesive (BEMA) drug delivery technology, which consists of a small, bi-layered erodible polymer film for application to the buccal mucosa. It offers ONSOLIS, a fentanyl buccal soluble film to treat breakthrough pain in opioid patients with cancer marketed under the BREAKYL name in the US, Canda, and Europe, as well as PAINKYL name in Taiwan; BUNAVAIL, a buprenorphine and naloxone buccal film for the treatment of opioid dependence; and BELBUCA, a buprenorphine buccal film for the treatment of chronic pain. The company also develops Clonidine Topical Gel, which is in Phase III clinical trial to treat painful diabetic neuropathy and other indications; and Buprenorphine Depot Injection, an injectable, extended release, microparticle formulation of buprenorphine for the treatment of opioid dependence and chronic pain. It has a licensing and development agreement with Endo Pharmaceuticals, Inc.; Arcion Therapeutics, Inc.; Evonik Corporation; and Meda AB. BioDelivery Sciences International, Inc. was founded in 1997 and is headquartered in Raleigh, North Carolina.

FINANCIAL RATIOS  of  BioDelivery Sciences International (BDSI)

Valuation Ratios
P/E Ratio -2.7
Price to Sales 11.2
Price to Book -9.9
Price to Tangible Book
Price to Cash Flow -3.3
Price to Free Cash Flow -3.3
Growth Rates
Sales Growth Rate -66.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -161.1%
Total Debt to Equity -161.1%
Interest Coverage -21
Management Effectiveness
Return On Assets -82.6%
Ret/ On Assets - 3 Yr. Avg. -67.8%
Return On Total Capital -186.1%
Ret/ On T. Cap. - 3 Yr. Avg. -124.8%
Return On Equity -957.1%
Return On Equity - 3 Yr. Avg. -416.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 25%
Gross Margin - 3 Yr. Avg. 65.2%
EBITDA Margin -393.8%
EBITDA Margin - 3 Yr. Avg. -200%
Operating Margin -393.8%
Oper. Margin - 3 Yr. Avg. -188.9%
Pre-Tax Margin -418.8%
Pre-Tax Margin - 3 Yr. Avg. -212.1%
Net Profit Margin -418.8%
Net Profit Margin - 3 Yr. Avg. -212.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

BDSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BDSI stock intrinsic value calculation we used $16 million for the last fiscal year's total revenue generated by BioDelivery Sciences International. The default revenue input number comes from 2016 income statement of BioDelivery Sciences International. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our BDSI stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for BDSI is calculated based on our internal credit rating of BioDelivery Sciences International, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of BioDelivery Sciences International.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of BDSI stock the variable cost ratio is equal to 37.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $68 million in the base year in the intrinsic value calculation for BDSI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10.3% for BioDelivery Sciences International.

Corporate tax rate of 27% is the nominal tax rate for BioDelivery Sciences International. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the BDSI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for BDSI are equal to 43.8%.

Life of production assets of 10 years is the average useful life of capital assets used in BioDelivery Sciences International operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for BDSI is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-18 million for BioDelivery Sciences International - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 53.985 million for BioDelivery Sciences International is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of BioDelivery Sciences International at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ BioDelivery reports 2Q loss   [Aug-09-17 09:29PM  Associated Press]
▶ Raleigh's BDSI expands international distribution of Belbuca   [Jun-23-17 04:50PM  American City Business Journals]
▶ Raleigh's BDSI lands CVS/Caremark contract   [Jun-21-17 02:50PM  American City Business Journals]
▶ BDSI CEO on Belbuca revenue potential: We're on an upward trend   [May-16-17 03:30PM  American City Business Journals]
▶ BioDelivery tops Street 1Q forecasts   [04:22PM  Associated Press]
▶ BDSI's expanded approval of opioid dependence drug required few resources, exec says   [May-03-17 08:50AM  American City Business Journals]
▶ New cash, patents boost optimism at Raleigh's BioDelivery Sciences   [Apr-04-17 08:20AM  American City Business Journals]
▶ BioDelivery Sciences Secures Two Patents   [10:56AM  Investopedia]
▶ BioDelivery Sciences Secures Two Patents   [10:56AM  at Investopedia]
▶ Has Biodelivery Sciences Finally Turned the Corner?   [Mar-06-17 04:22PM  at Motley Fool]
▶ BioDelivery Sciences Secures Debt Financing with CRG   [Feb-23-17 07:30AM  PR Newswire]
▶ Belbuca return expected to push BDSI to profitability sooner   [Feb-01-17 04:18PM  at bizjournals.com]
▶ After Endo, global plans for BDSIs Belbuca?   [08:23AM  at bizjournals.com]
▶ BioDelivery Reacquires Rights for Opioid Painkiller   [Dec-08-16 02:44PM  at Investopedia]
▶ [$$] Endo Sells Back Rights for Opioid Painkiller   [09:51AM  at The Wall Street Journal]
Stock chart of BDSI Financial statements of BDSI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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