Sliding Baxano Surgical (BAXS) Looks To Straighten Up

BAXSDown, but far from out, the Nasdaq listed penny stock of Baxano Surgical, Inc. (BAXS) looks as if the sell off from the medical device company’s poor Q1 results and Q2 guidance has finally ended after a new 52 week low was set early Monday. Down -72.4% from their 52 week high and having not seen the $1 level in nearly a month, shares of BAXS stock appeared to have finally ended their 2 month long slide from $1.75 now that shareholders can expect to see somewhere between $4.4 – $4.8 million in total revenues in Q2. Seeing as how the private placement from April 22 shows $10 million worth of smart money from 2 investors went in at around 0.94/share, a fixed in gain of 0.26, or almost 40%, makes not having the spine to go long a hard thing to pass up.

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BAXS Stock Quote

Market Cap: 32.00M
Last: 0.6805 ▼ -0.0065 (-0.95%)
Volume: 337,992
Avg Vol (3m): 534,203
Open: 0.68
High: 0.72
Low: 0.66
14-Day RSI: 24.2%
1st Resistance Point: 0.72
1st Support Level: 0.66
52Wk High: 2.50
52Wk Low: 0.66

You hopefully have never had to know who Baxano Surgical are from any point of view other than an investment one. The AxiaLIF family of products for single and two level lumbar fusion, the VEO lateral access and interbody fusion system, the iO-Flex minimally invasive lumbar decompression system, the iO-Tome facetectomy system, and the Vectre and Avatar posterior fixation systems are what the Company markets and how they have managed to consistently book 8 figures worth of revenues annually for nearly a decade.

While 8 figure revenue numbers might be a significant amount for an OTC listed stock which looks to be a bargain, Baxano has seen their sales numbers decline by more than 50% since 2009 based on the projected pace they are on for 2014. While 2013 may have been an improvement compared to 2012, $18.58 million versus $14.57 million, the days of 2009, $29.81 million and 2010, $26.15 million, are nothing more than a distant memory it seems.

However, optimism for BAXS stock to return to above $1 comes two-fold for those looking for entry points at under 0.70. The first is how Nasdaq compliance will eventually force the hand of Baxano to regain a share price of above $1 if they remain below from now until mid-June. The second offers a bit more hope of better than $1 since they announced with their poor Q1 results that, on April 10, the company received U.S. Food and Drug Administration 510(k) clearance of its Avance™ MIS Pedicle Screw System, which may be used as an adjunct to fusion in numerous degenerative and complex spinal pathologies.

According to the report, the innovative design of Avance provides a quick and easy-to-use, percutaneous pedicle screw system that addresses single, complex and multi-level spinal pathologies with minimal tissue disruption and trauma. The Avance system will be in limited market release in Q2 and Q3 of this year and is planned for full launch in Q4 of 2014 which could be right around the time BAXS stock is trading back up above $1.25, roughly double where it stands at present.

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About BAXS Stock

Baxano Surgical, Inc. is a medical device company focused on designing, developing and marketing minimally invasive products to treat degenerative conditions of the spine affecting the lumbar region.

Click here to view the SEC filings for BAXS.
Click here to view the website for Baxano Surgical.

Authorized: 150,000,000
Issued and Outstanding: 47,166,064

Last 5 Trading Sessions:

Date Open High Low Last Change % Change Volume
05/12/14 0.68 0.72 0.66 0.69 unch unch 337,900
05/09/14 0.76 0.76 0.66 0.69 -0.11 -13.75% 855,400
05/08/14 0.82 0.84 0.78 0.80 -0.04 -4.76% 201,800
05/07/14 0.89 0.89 0.82 0.84 -0.04 -4.55% 255,500
05/06/14 0.90 0.91 0.86 0.88 -0.02 -2.22% 72,700

 

Bottom Line:

The “sell in May and go away” trend that always seems to follow Nasdaq listed penny stocks who report a poor Q1 usually turn out to be the best bargains for longs who are looking at booking their gains in the coming year. With a long approach and commitment to small accumulations while the share price sits below 0.70, investors who also see that BAXS stock is oversold and a cheap long will be simply waiting for momentum to pick back up.
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