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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.
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
Companies: Shield Therapeutics Plc
Edison
Companies: Warpaint London PLC
Shore Capital
Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m
Companies: Cambridge Nutritional Sciences PLC
Cavendish
An official NHS Supply Chain case study has quantified the savings made by an NHS Trust from adopting Creo Medical’s Speedboat device to perform Speedboat Submucosal Dissection (SSD) in comparison to surgical alternatives. In total, the net cash saving from 130 SSD procedures for the NHS Trust was calculated at £687k, including savings from reduced length of hospital stay and reduced theatre costs. Notably, these savings did not include the patient and financial benefits associated with reduced
Companies: Creo Medical Group Plc
Companies: 88E CNC FTC TRCS HEIQ CREO ZAM
22nd 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: ARV CTL AFRN FEN HUW TENG BBSN EAAS VAL
Hybridan
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
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
Companies: e-Therapeutics plc
Companies: IGP RUA BOOM
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
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
Total reported revenues and other income were $17.5m (our forecast $16m) in 2023 vs $5.5m in 2022. The composition of that revenue was different to our expectations such that Accrufer US revenues of $11.6m compared with $3.6m in 2022 but came in below our estimate of $13.6m. In the release, the company has noted that the methodology used by the third-party data provider for US Accrufer scrips has resulted in an overstatement for 2023. Revised figures for 2023 have been given showing 77,000 total
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