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Belluscura has announced that it has entered into a Group Purchasing Organisation Product Supply Agreement with VGM Group which further expands its distribution network across the US.
Companies: Belluscura PLC
Belluscura has announced the launch of the next generation X-PLOR portable oxygen concentrator and expanded distribution through a D2C offering and partnership distribution plan for smaller DMEs.
Belluscura announced in March that it had signed a Master Supply Agreement with InnoMax to manufacture the X-PLO2R portable oxygen concentrator family of products in China which provides a platform to expand distribution into Asian markets while also significantly increasing manufacturing capacity and reducing per unit manufacturing costs.
Belluscura has announced a transformational manufacturing agreement with a leading Asian electronics manufacturer which materially increases its capacity,
Belluscura has released FY21 results that confirm the very strong operational progress detailed in the January trading update. The group's X-PLO2R portable oxygen concentrator received FDA approval in March 2021 and an equity fundraising in May has provided funding for the commercial launch. Last year, Belluscura sold 377 units, which was 150% above our initial forecasts. At the January update we raised our forecast for 2022 by +33% to 4,000 units, which we view as very conservative, particularl
Belluscura has released another very encouraging trading update and we again raise our production and revenue forecasts. The group sold 377 XPLO2R units in 2021, which was 25% higher than our forecast and well over double our initial estimate. Demand is strong and we raise our unit sales estimate for 2022 to 4,000 (was 3,000) and roll this through to 2023 and 2024. Belluscura has recognised the global supply chain challenges and has increased inventory levels of key components to pre-empt any di
Belluscura is focused on developing oxygen enrichment technologies. Its lead product, X-PLO₂R, is pitched as the world’s first modular portable oxygen concentrator (POC). It received FDA 510(k) clearance in March 2021 and came to the market in September 2021. Early uptake is encouraging, with the company signing five distribution agreements and exceeding its sales volume projections for the year. We expect recent reimbursement approval from the US Centers for Medicare & Medicaid Services (CMS) a
Belluscura has released a very encouraging trading update that indicates it has 'significantly' exceeded sales volumes for FY21 and is confident that FY22 will be 'substantially' ahead of initial forecasts. This follows recent announcements that the group has secured a fifth distribution agreement with a leading online distributor and won the Producers' Choice Gold award at Medtrade East, the largest medical equipment show and conference in the US. We double our sales volume forecast to 300 (was
Belluscura has reported interim results for the 6m to June that state that the first units of the XPLOR have been distributed and that the group expects to exceed unit sales forecasts for the current year. Following the receival of 510K clearance in March, the group completed a £17.5m/$24.5m IPO in May that provides funds for the group to launch the XPLOR and develop the CX and DX follow on products. Since IPO, the group has started to manufacture the XPLOR in the US and following 'hugely positi
Belluscura is a medical device company focused on developing lightweight and portable oxygen enrichment technology. The group has announced that it has signed its fourth distribution agreement and started manufacturing the X-PLO2R, putting it firmly on track to meet its target commercial launch in Q3. The fourth distribution agreement is with a US Service disabled veteran-owned small business that deals exclusively with the US federal government in areas of veterans affairs. This follows on from
Belluscura is a medical device company focused on developing lightweight and portable oxygen enrichment technology. The group completed its IPO in June, raising £17.5m at a price of 45p. Following IPO, the group has appointed a VP of Operations and this morning has confirmed its first US distribution deal. On 15th June, the group announced the appointment of Keith Cook as Vice President of Operations, based in Plano, Texas. Keith was previously Director of Operations at Inogen, the market leader
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EKF has reported a strong H1, with revenues of £37.5m and double-digit growth in underlying non-Covid related business. Management reports it is trading in line with expectations for the full year and we make no change to our profit forecasts at this stage. New growth initiatives are proceeding to plan and should lead to accelerated core growth from FY23 onwards. We continue to see substantial upside on successful execution with the shares trading on an FY23 P/E of 13.1x and an EV/EBITDA of just
Companies: EKF Diagnostics Holdings plc
Singer Capital Markets
Kromek reported full-year results to 30 April that were in line with the trading update of 16 May. Record visibility over our FY 2023 revenue forecast of £18m (c.53% of which is already contracted and 37% “Awarded not Contracted”, with the balance from its normal monthly run rate) is a great start for FY 2023 on which the company can build further. We are leaving forecasts unchanged for the moment, despite additional contract wins, and expect to introduce FY 2024 forecasts at the time of its int
Companies: Kromek Group Plc
Kromek announced a £1.7m fundraise by way of the issue of convertible loan notes (8% coupon, 18-month conversion period at 15p per share), which will allow the company to minimise any potential supply-chain disruption to the delivery of contracts during the year. We make only minor changes to forecasts to reflect the additional interest (c.£0.1m) accrued, with adjusted pre-tax loss increasing to £5.0m. We leave our target valuation of £118m (27p) unchanged, with near-term catalysts (e.g. a secon
Companies: Omega Diagnostics Group PLC
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Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group export
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Smith & Nephew reported mostly in-line Q2 22 numbers, missing the top-line estimates (-0.6%) but beating on the trading profit (+0.5%), albeit marginally.
The Q2 performance was overshadowed by a 100bp margin downgrade for FY22 (-50bps Y-o-Y vs +50bps previously), which sent the stock ~9% lower in the session following the update. The reiteration of the top-line growth outlook of 4-5% was no help either.
We will cut our estimates, largely to reflect the soft margin guidance.
Companies: Smith & Nephew PLC
In Q2, Astra sustained its solid top-line momentum. Like in the past few quarters, this outperformance was again driven by higher COVID-19 business sales and solid growth in Diabetes drug Farxiga. Moreover, the recovering Oncology and much-needed green shoots in Rare Diseases were the icing on the cake. Although, profitability again came under the scanner but should improve in the coming quarters/years as the company completes its ‘growth phase’. Overall, a decent set of results and our positive
Companies: AstraZeneca PLC
Companies: SourceBio International Plc
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Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech
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Companies: Argo Blockchain Plc (ARB:LON)Kromek Group Plc (KMK:LON)
For the year to 30 April 2022 Kromek reported results in line with the Trading Update of 16 May: revenue of £12.1m, +16.5%YoY, and an EBITDA (adj.) loss of £1.2m. We estimate revenue in the Advanced Imaging division grew 28% YoY to £4.6m, whilst the CBRN segment grew 1.5x to £5.4m.
Kromek reports that it expects growth to accelerate in both its core segments – security-related CBRN and advanced imaging – with the prospect of “a substantial year-on-year increase in revenue”. The CBRN segment in
Smith & Nephew’s growth acceleration and margin expansion in Q2 should continue in H215, more reflecting internal changes than improvements in market fundamentals. Its c 13% premium on 2015 P/E to its global ortho peers is supported by its brisker growth and strategic value.
Feature article: Utility regulation – Changes afoot - Patching up a tainted model
While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’.
Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin
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Hardman & Co
Creo Medical has provided a positive trading update for H1/22E, expecting revenues to increase over 10% vs H2/21A (£12.3m), indicating revenues of c£13.5m for the period. Creo notes this growth is driven by its core technology and Kamaptive licensing programme. The company expects gross margins to improve, which, coupled with a reduction in operating costs, should deliver over a 20% reduction in underlying EBITDA loss versus H2/21A. H1/22E cash burn has also been reduced. During the half there h
Companies: Creo Medical Group Plc