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The company released preliminary H1 23 results, in line with our expectations. Financing is secured for FY22 at least, with no dilutive instruments in sight. Crossject will release more detailed numbers for H1 23 before the end of October.
Companies: Crossject (ALCJ:EPA)Crossject SA (ALCJ:PAR)
AlphaValue
No real news in the FY22 results. EPS CHANGE CHANGE IN EPS 2023 : € (0.23) vs (0.33) ns 2024 : € 0.49 vs 0.41 +20.8% We have updated our model after the release of the FY22 results. The latter were not meaningful (as usual) since the investment case is based on future product launches (hopefully as of FY24). Concerning our short-term earnings forecasts, they have been fine-tuned to factor in a slightly-higher contribution to revenues from the BARDA agreement signed last June. This is
As usual, the FY results are not meaningful. The financing is secured for the short term, but this is not new news. No real news either on the progress made on various fronts (BARDA, EUA, filings). The market remains hungry for more. We see room to improve the group’s communication.
The group has raised €14m in new debt, securing the group’s financing ahead of product launches. We appreciate that it did not have to resort to dilutive instruments. Since this had been our assumption, no change to our numbers or valuation. The upside potential remains very significant.
Minor changes after H1 22 EPS CHANGE CHANGE IN EPS 2022 : € (0.32) vs (0.23) ns 2023 : € (0.35) vs (0.25) ns We have only changed our short-term estimates after the release of the H1 22 results. These changes are minor and are limited to FY23-24) even if they look more significant in EPS terms due to the fact that the result is a small loss, implying that any change to our numbers translates into an apparent bigger change in percentage terms. The impact on our valuation of the stock i
The H1 22 results came in line with expectations, “as usual” The group continues with its efforts on Midazolam, Hydrocortisone and Adrenaline The bioequivalence study for Midazolam should be ready this autumn After the positive result of the BARDA, we expect more on the commercial front
We have estimated the future contributions of all seven NTEs (New Therapeutic Entities) currently under development We detail here the main assumptions we made, including the probability of success of each NTE The update of our model after talking to management confirms the huge potential for the share price (over 250% in the mid-term)
The tender for Zeneo Midazolam with BARDA was a success It will translate into the first orders for the French company It will also accelerate the approval process with the FDA and other regulatory authorities This excellent news can only support our very positive stance on the stock
Crossject released an expected set of FY21 results The industrialisation process of Zeneo is on track The group’s financing for FY22 seems to be secured We will adjust our model to account for the latest developments
Crossject has announced the issuance of convertible bonds. It also grants free subscription rights to existing shareholders. The financing of FY22 is thus secured and gives the group time to reach the market. We will fine-tune our model and integrate this issuance.
The H1 21 results were in line with expectations The group continues its efforts on Midazolam, Hydrocortisone and Adrenaline The bioequivalence study for Midazolam should start before year-end The result of the Barda call for tender is still expected
The Barda has launched its call for tender on Midazolam autoinjectors Crossject is in a good position to compete This could boost further Zeneo’s credibility and Crossject’s share price
Zeneo Hydrocortisone to be licensed in the US and Canada The news confirms the pharmaceutical firms’ interest in Crossject’s product The remuneration of the contract looks fine, in our view We expect more agreements to come
Crossject released an expected set of FY20 results The industrialisation process of Zeneo is on track The group’s financing for FY21 is secured We will fine-tune our model to account for the latest developments
Research Tree provides access to ongoing research coverage, media content and regulatory news on Crossject. We currently have 14 research reports from 1 professional analysts.
Please find below our weekly update covering themes that we feel that are of interest to investors and participants in the small and mid-cap TMT sector as well as commentary on recent newsflow.
Companies: TXG CPX SSIT TXG BVC MWE CHSS
Allenby Capital
18th March 2024 @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 object
Companies: TXG SEE OHG Z29 TXG ENSI MTL POS PYC TUNE CMCL SENX AEE
Hybridan
Companies: Warpaint London PLC
Shore Capital
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
SIGA Technologies has delivered its best top-line performance in the last five years, supported by a late surge in TPOXX deliveries across both domestic and international markets. FY23 product revenues grew 50.8% to $130.7m, driven by Q423 BARDA deliveries and international orders, resulting in overall revenues increasing to $139.9m (+26.3% y-o-y). Barring packaging-related bottlenecks, which delayed some deliveries to Q124, there could have been incremental upside to meet our $172.6m revenue es
Companies: SIGA Technologies Inc (SIGA:NYSE)SIGA Technologies Inc (SIGA:NAS)
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
Hardman & Co
Feature article: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy - Consolidation is the new mantra. The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and t
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO STX VTA APAX
Feature article: Streamed content takes over…after the Great Correction of 2022 Streaming is a disruptive, content-led, subscription-based technology. Challenging all video distribution business models, it opens up global opportunities for a growing variety of content, including gaming and sport. The Great Correction of 2022 saw the share prices of streamers plunge after market leader Netflix reported slowing subscriber growth. The slowdown in growth of subscribers led investors to refocus on
Companies: NBPE ICGT ARBB RECI HAT AVO VTA APAX
13th March 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: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs
Companies: SSIT SAR IXI GYM MMAG MXCT MXCS CORA
Trinity Delta view: Revenues appear to be broadly tracking just ahead of our expectations, even with the challenges of forecasting first launches. Re-ordering patterns will be a key determinant of longer-term success, and whilst visibility is not unexpectedly limited given the early stage of launch, we believe the commitment shown by Cooper through extension of the existing agreement is an encouraging sign and likely reflects initial in-market success and trends, in our view. We continue to beli
Companies: Futura Medical plc
Trinity Delta
Weaker Q4 on sales and margins While sales continued on a positive trend, there was some slowdown in Q4, mainly in pharma technologies (slower increase of utilisation capacity than expected) and in consumer healthcare (tougher comparison). Group sales in Q4 grew 4% YOY vs 20% at 9M. Specialty pharma remained strong, helped by the osteoarticular business, particularly in Sweden and Poland. EBITDA margin decreased 80bp on lower gross margin, while EBIT came down 23% on a EUR1.3m impairment. Net d
Companies: LABORATORIO REIG JOFRE, S.A. (RJF:MCE)Laboratorio Reig Jofre (RJF:BME)
BNP Paribas Exane - Sponsored Research
Tristel has reported results for the 6-months to December 2023, noting ‘record performance on all levels’. Revenue for the period grew 20% YoY to £20.9m supported by both volume and price. Gross margin improved to c84% for H1/24A from 81% in H1/23A, and though investment in employees (including new hires) saw increased SG&A expenses, adjusted EBITDA grew 18% YoY to £5.4m at a margin of 26%. Tristel is proposing a dividend of 5.24p, doubling the previous interim dividend and reflecting the compan
Companies: Tristel Plc
Cavendish
Glucagon-like peptide 1 receptor (GLP-1R) agonists, a drug class targeting metabolic diseases such as type 2 diabetes and obesity, have arguably become some of the world’s most in-demand drugs. Their rise in popularity has been triggered by the highly impressive efficacy profiles boasted by the most recent clinical trial read-outs, leading to global supply shortages and sizable capital outlays from big pharma to significantly enhance existing manufacturing footprints. With a proof-of-technology
Companies: Poolbeg Pharma PLC
One Health Group has reported a strong operational and financial performance in its first year as a listed company. Patients seen and procedures carried out experienced strong growth resulting in revenue and profitability coming in ahead of forecasts. The outlook remains positive, and the company offers an attractive combination of defensive growth at an undemanding valuation
Companies: One Health Group PLC
SEAL Advisors Ltd
Edison Investment Research is terminating coverage on Avon Protection (AVON), Osirium Technologies (OSI), IQE (IQE), Kopy Goldfields (KOBY) and RhoVac (ROHVAC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
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