THE WESTAIM CORP. $5.40 (Toronto symbol WED; Aggressive Growth Portfolio, Manufacturing & Industry sector; SI Rating: Speculative) is developing emerging technologies through two subsidiaries, Nucryst Pharmaceuticals Corp. (Toronto symbol NCS) and iFire Technology Corp. Nucryst recently sold shares to the public, and Westaim hopes to take iFire public as well.
Nucryst makes medical products that prevent infections in burns and wounds. It has a licensing agreement with UK-based medical device maker Smith & Nephew plc, which helps offset its development costs. Nucryst’s recent public offering cut Westaim’s interest, from 100% to 75.1%.
iFire is currently perfecting a new way to make large-size, flat-screen TV sets. Unlike traditional flat-panel displays, which use gasses, liquids or vacuums, iFire’s process applies layers of chemicals onto glass panels. That speeds up the manufacturing process, and cuts costs.
iFire recently spent $46 million on a pilot facility in Toronto to demonstrate the advantages of its technology to TV manufacturers. Westaim hopes to recoup these costs through licensing deals.
In the three months ended March 31, 2006, Westaim’s losses from continuing operations grew to $0.19 a share (total $18.0 million) from $0.10 a share ($8.9 million) a year earlier. This was mainly because Nucryst’s manufacturing costs grew as it expanded production. The costs of building an iFire pilot plant, plus stock option expenses, also hurt Westaim’s earnings.
The company spent $12.2 million on research in the latest quarter, which is 68% more than its revenue of $7.25 million. It spent $8.6 million (1.7 times revenue of $5.0 million) in the year-earlier quarter.
Westaim has to write off these costs immediately, which adds to its losses. But these outlays build long-term growth.
The company is debt free, and has $101.5 million ($1.09 a share) in cash. That gives it room to fund its research without selling more stock. Westaim is much more risky than most stocks we cover. But we feel the strong potential of its technologies makes it reasonable to accept the extra risk.
Westaim is a buy for aggressive investors.
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