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bioMerieux’s Q2 performance was supported by resilient growth across both segments with the routine testing business witnessing healthy momentum. However, higher sales & marketing expenses weighed on profitability. Meanwhile, management reiterated its 2023 guidance. Overall, with promising testing market dynamics along with an encouraging start for its new product launches and anticipated approvals, our positive recommendation is reiterated.
Companies: BioMerieux (BIM:EPA)bioMerieux SA (BIM:PAR)
AlphaValue
bioMerieux reported healthy Q1 23 sales, with organic sales witnessing high single-digit growth. As expected, robust momentum was witnessed for the non-COVID-19 businesses. Management also reiterated its 2023 guidance. Overall, considering that non-COVID-19 testing tailwinds are expected to remain resilient, along with sustained innovation and expansion into point of care testing, our positive recommendation is maintained.
bioMerieux released in line Q4 sales numbers, with healthy growth being witnessed across the board. Importantly, the recent spike in influenza infections, respiratory syncytial virus and higher COVID-19 infections resulted in strong demand for respiratory panels. While COVID-19 testing tailwinds are expected to further moderate in the coming quarters, the 2023 guidance remains unchanged, reflecting a healthy outlook for the non-COVID-19 offerings. Overall, considering a slew of launches accompan
bioMerieux’s Q3 sales came in ahead of both AV and consensus expectations. While COVID-19 testing sales continued to weaken (also a sector-wide trend), healthy developments were witnessed in the non-COVID space. Moreover, management also (marginally) improved its 2022 sales growth guidance. Considering that non-COVID testing tailwinds are expected to remain resilient and the re-emerging M&A rumours – given the material sell-off over the past couple of months – our positive recommendation is reit
bioMerieux reported strong Q2 22 sales. Positive momentum was witnessed in Molecular Biology, Microbiology and Industrial Application. Moreover, the recent spike in COVID-19 cases and higher flu market opportunities in the US resulted in strong demand for respiratory panels. Management also (marginally) improved its 2022 guidance. Add on top, notable progress in offering innovation terms and promising testing market dynamics, the sell-off in recent months is worth capitalising.
bioMerieux reported weak Q1 22 sales, with organic sales witnessing a mid-single-digit decline. As expected, COVID-19 testing sales moderated while positive momentum was witnessed across the Microbiology and Industrial segments. Management also reiterated its 2022 guidance. While our estimates should reset marginally lower, the MedTech sell-off in recent months has reinstated the attractiveness of the likes of bioMerieux, especially considering the long-term non-COVID testing market business opp
bioMerieux ended 2021 on a healthy note, with impressive sales and profitability, driven by promising dynamics across segments. This also resulted in impressive dividend growth. While 2022 guidance was on the weaker side – due to fading COVID-19 testing tailwinds, and increasing costs (partly also due to post-pandemic normalisation), it wasn’t a big surprise. While our estimates could reset marginally lower, the sell-off in recent months opens an attractive opportunity, also with respect to M&A
bioMerieux reported healthy Q3 results, with growth across the board. Interestingly, both COVID-19 and routine businesses were beneficiaries in varying degrees. As a result, management upgraded its FY2021 sales growth and profitability guidance. Besides these results reinforcing our positive stock recommendation, they are also an important read-across for testing firms, wherein their ability to withstand erosion in COVID-19 testing via a recovery in routine areas has been a comforting developmen
Despite further normalisation in FilmArray, bioMerieux witnessed recovery/ healthy momentum in most other routine areas. Although, as expected, group-wide sales growth moderation was evident. Importantly, profitability came in ahead of (consensus) expectations due to temporarily lower costs. While the worsening COVID-19 situation, especially in the US, may render some near-term support to FilmArray, the rebound in routine businesses is a major promising signal. Our positive stock recommendation
Organic sales growth decelerated in Q1 21 as demand for FilmArray’s respiratory panel slowed in the US towards the end of the quarter. As the health situation improves in the US, demand for PCR-based testing could decline in the coming quarters. Ergo, FY21 sales guidance has been slashed. The entry of Roche in the syndromic testing space, through GenMark, is also a threat, though the recovery in the routine testing business provides some respite.
Benefitting from sustained demand for COVID-19 testing solutions, bioMerieux reported another quarter of double-digit growth in Q4 20. Interestingly, the FY20 targets were exceeded, both on the sales and profitability front, and management has proposed a dividend of €0.62 per share (vs. FY18: €0.35). The FY21 guidance is also encouraging and growth is likely to be front-end loaded. bioMerieux is banking on its menu-expansion strategy to bolster growth for FilmArray once COVID-19 subsides, but so
The Q3 outperformance was led by the FilmArray product line which benefited from exceptional demand for molecular-based COVID testing and increasing instrument placements. The Industrial applications segment also returned to growth. Although the routine testing businesses saw an improvement, it continues to trade in the red and, as hospital traffic remains subdued, uncertainty remains with respect to a full recovery. Nonetheless, the FY20 guidance implies that organic sales growth could reach a
Companies: bioMerieux SA (BIM:PAR)bioMerieux SA (0RUG:LON)
Despite lower revenue in the microbiology and immunoassays businesses due to a decline in routine testing, bioMerieux reported double-digit organic revenue growth in H1, led by robust demand for COVID-19 tests in the molecular biology business. The resulting operational leverage, favourable product mix and lower selling expenses led to a profitability beat in H1. The favourable sales trend witnessed in H1 should continue in the second half, though the same trend cannot be extrapolated to FY21 ac
Companies: bioMerieux SA
Q2 sales were slightly ahead of expectations led by continued demand for molecular biology product lines used in COVID-19 testing. However, the momentum decelerated compared to the previous quarter as the situation worsened in the microbiology and immunoassays businesses – due to less patient traffic in hospitals and the resulting decline in routine testing. Though the company witnessed an improvement in these businesses during the last few weeks of Q2, returning to pre-COVID levels could take t
Q1 sales were significantly ahead of expectations fuelled by increasing demand for FilmArray’s respiratory tests amid the ongoing COVID-19 pandemic. While respiratory and recently-developed COVID-19 tests should bolster growth going forward, the number of patients seeking consultations for other diseases is falling substantially. This could result in a slowdown in the routine laboratory business and, in turn, bioMerieux’s immunoassays and microbiology segments (the impact was visible in the last
Research Tree provides access to ongoing research coverage, media content and regulatory news on bioMerieux SA. We currently have 52 research reports from 4 professional analysts.
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Liberum
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Despite continued strong revenue growth from the existing Point-of-Care and Life Sciences activities, it is now apparent the new capacity expansion programme for enzymes fermentation will not contribute to revenues this year. As a result, management is now guiding to FY23 group revenues of ~£53m and Adj EBITDA of ~£10m, both around £4m lower than previous expectations. We update our forecasts accordingly and expect more information around the shape of the revenue ramp up in FY24 at the upcoming
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Singer Capital Markets
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Shore Capital
Companies: Hvivo (HVO:LON)hVIVO plc (HVO:LON)
Venture Life has published its interim results to the end of June 2023, reporting group revenue growth of 24.4% to £23.5m, supported by both VLG brands and Customer brands. Although gross margin was down in the period as anticipated, tight operational cost control delivered improved adjusted EBITDA margin of 18.9% (H1/22A: 17.6%). As in previous years, we expect H2/23E to deliver stronger adjusted EBITDA and maintain our £11.6m FY23 expectation. Significantly, cash flow generation was strong in
Companies: Venture Life Group Plc
Cavendish
POLB announced today announces that the opposition to one of its European patents (Immunomodulator I) that was filed by a third party is to be withdrawn. In the pharmaceutical industry it is not unusual for patents to be challenged. POLB had previously disclosed in September 2021 that the Immunomodulator I European patent had been opposed but this has now been resolved. We maintain our BUY recommendation and 21p PT.
Companies: Poolbeg Pharma PLC
4th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj
Companies: TXG LEX TXG CTL AGL SAR TSTL PYC TRR AREC
Hybridan
14th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment ob
Companies: MKA CHH PMP LOOP KEYS CUSN AREC CUSN
Interims are in line and show strong growth from key product lines, which bodes well for future sustainable growth. Having already rebased our FY23 estimates to remove any contribution from the delayed South Bend facility, we reintroduce FY24 & FY25 forecasts to reflect the revised schedule of revenues ramping up. These show group revenues on an improving trend and EBITDA margins strengthening towards 22%. The shares trade on an FY24 EV/EBITDA multiple of sub-10x, falling to 8x in FY25. There is
Belluscura has reported interims in line with our expectations and notes strong momentum across its product range, particularly the DISCOV-R, and ‘transformational' progress in its global roll-out after signing Agreements with InnoMax and McKessen.
Companies: Belluscura PLC
Dowgate Capital
Companies: Warpaint London PLC
Destiny Pharma’s H1 2023 interim results provided an overview of what has been a busy period of positive activity for the company. The group strengthened its balance sheet through the completion of an equity fundraise, generating £7.3m in gross proceeds, ending the period with a net cash position of £9.8m. Management has guided that the current cash reserves provide an operating cash runway into Q1 2025. In our view, given the currently turbulent biotech financing environment, the successful rai
Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel
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