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bioMerieux’s Q3 sales came in below the consensus estimates. However, routine testing continued to witness sustained momentum with healthy growth across the board. While the overall growth was partially impacted by weaker respiratory sales, the 2023 guidance (still better vs. AV peers) was maintained. Overall, taking into account healthy routine testing market dynamics along with the new product launches being planned to leverage the high installed base and supported by a robust balance sheet, o
Companies: BioMerieux (BIM:EPA)bioMerieux SA (BIM:PAR)
AlphaValue
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.
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
Research Tree provides access to ongoing research coverage, media content and regulatory news on BioMerieux. We currently have 36 research reports from 3 professional analysts.
Companies: Warpaint London PLC
Shore Capital
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Hardman & Co
Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
Companies: Avon Protection PLC
Edison
Companies: SCE HVO VLG
Cavendish
15th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio
Companies: GTC SAV FAB KRM BOOM
Hybridan
Companies: IGP RUA BOOM
17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. Further growth in 202
Companies: Tissue Regenix Group plc
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Companies: Cambridge Nutritional Sciences PLC
Companies: BILN IGP RBN SBTX
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (impro
Companies: Creo Medical Group Plc
Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar
Companies: Zoetis (ZTS:NYSE)Zoetis, Inc. Class A (ZTS:NYS)
Baptista Research
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