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Encouraging H1 sales indicate Mauna Kea ("MKEA") connues to enjoy the posive growth trend previously reported in Q1. With sales increased 58% YoY to €3.3m (H1/2020: €2.1m), driven by a 62% increase in consumables revenues and an 109% increase in system sales. Sales connued to grow across all regions including AsiaPacific (+71% to €0.9m) and EMEA & RoW (+198% to €0.8m). While overall H1 US growth was lower (+25% to €1.7m), a more than doubling of US sales in Q2 indicates a robust recovery driv
Companies: Mauna Kea Technologies SA Class O
goetzpartners securities Limited
In a year when elective procedure volumes fell 20% or more due to the COVID-19 pandemic, Mauna Kea (“MKEA”) reported FY2020 sales of €6.5m; down 12% YoY. Systems and services sales grew 12% and 16% YoY respectively, whilst consumables sales fell by 32%, reflecting the global drop in procedure volumes in 2020. A positive recovery was evident across all geographies in H2/2020 with Q4/2020 sales increasing 41% YoY to €2.4m, driven by contributions of €1.3m (+44%) from the US, €0.7m (+34%) in APAC a
Mauna Kea's ("MKEA") Q3/2020 sales exceeded management's expectations, growing 13% YoY to €2.0m (Q3/2019: €1.8m). Systems and services revenue grew 58% and 37% respectively compared to Q3/2019, largely reflecting a rebound in capital sales in all markets. The anticipated fall in consumable sales was also less than expected (16% vs. 23% - 27%);driven by better than expected performance from the US pay-per-use ("PPU") programme. We also note the narrowing YoY sales performance between H1/2020 (-47
In line with expectations, Mauna Kea's ("MKEA") reported a 30% YoY decrease in H1 revenues to €3.2m, reflecting the disruption from the ongoing COVID-19 pandemic. Consumables and system sales were most heavily impacted because of the significant drop in procedure volumes (see our note from July 2020) and reduction in demand for new systems which impacted both direct and distributor sales channels. However, MKEA reported that it expects a bounce back in sales for Q3 & Q4/2020E as a combination of
Mauna Kea announced plans to commence a first in human clinical trial in partnership with Johnson & Johnson's Lung Cancer Initiative to evaluate the feasibility and safety of J&J’s Monarch catheter-based robotics platform in combination with Cellvizio for the diagnosis of peripheral lung nodules. Mauna Kea has remained tight lipped with regards to the company's partnership with J&J since a strategic equity investment of €7.5m in December 2019. In our view, the initiation of the clinical trial re
Mauna Kea reported Q1/2020 sales of €1.5m (-14% YoY), with a strong start to the year offset by the impact of COVID-19. Cellvizio system and services sales for the quarter were flat at €0.6m (-1% YoY) and €0.3m (+0% YoY) respectively, however, sales of consumables decreased 27% YoY to €0.6m as a result of lower procedure related demand as resources for elective procedures are re-allocated to fighting the pandemic worldwide. The impact of COVID-19 on procedure volumes cannot be ignored moving for
Q4/2019 results revealed that Mauna Kea's top line grew 10% YoY to €7.4m for FY2019, despite weaker than expected Q4 sales of €1.7m (-20% YoY). Total FY2019 sales were largely driven by those to clinical customers, which represented 96% of total sales, and a 47% increase in consumable sales indicating high utilisation of the growing Cellvizio installed base. In-line with both ours and management's expectations, straight system sales decreased 14% YoY following the shift to a pay-per-use model wh
Mauna Kea announced a € 7.5m strategic investment from Johnson & Johnson Innovation - JJDC, Inc. ("JJDC" - part of Johnson & Johnson ("J&J")) which provides further funding for the development of the Cellvizio platform and will allow the company to execute its strategic growth initiatives as it expands into the interventional pulmonology ("IP") market. A subscription price of €1.40, represents a c.30% premium to the previous close. The agreement also provides J&J with a 24-month period in which
Mauna Kea reported 9M/2019 sales of €5.7m (+24% YoY) on track to reaching our FY2019 revenue estimate of €8.6m. Q3 sales decreased by 7% YoY to €1.8m, driven largely by an increased commercial focus on clinical over pre-clinical sales. As such, performance in Q3 is in line with the strategic priorities set out by management for 2019, with clinical sales accounting for 99% of Q3/2019 total sales vs. 75% in Q3/2018. As we expected, Q3 revenues from Cellvizio straight sales and services declined 32
Earlier this year, Mauna Kea announced successful FDA clearance for the use of the Cellvizio® system in the field of interventional pulmonology ("IP"). This paves the way for entry into the large lung cancer diagnostics market and would allow Mauna Kea to leverage its existing expertise in the field of gastroenterology to maximise adoption. In our view, IP represents a promising commercial opportunity based on (1) a large market with a vast clinical need, (2) Cellvizio's® unique ability to facil
Mauna Kea reported Q2/2019 sales of €2.2m, up 33% YoY. Sales growth was primarily driven by a 58% YoY increase in consumable sales (€1.2m), which accounted for 54% of total revenues and highlight the company's continued focus on maximising utilisation of Cellvizio, one of three key strategic targets set forth by management earlier this year. Sales growth was partly offset by a 21% decrease in service revenues associated with prioritisation of Cellvizio utilisation rather than installation as see
Mauna Kea announced successful reimbursement coverage for the use of confocal laser endomicroscopy ("CLE") for Barrett's Esophagus ("BE") in France. This further validates the clinical utility of Cellvizio and is testimony to Mauna Kea's ability to deliver on its strategic milestones for 2019, as set out in our recent report. With reimbursement in place in France, Mauna Kea is delivering on its promise to drive revenue generation outside the US by providing clinicians with a strong incentive for
Mauna Kea reported strong Q1/2019 sales of €1.7m (65% YoY) with consumables sales of €0.9m (96% YoY) representing 51% of total sales, thus highlighting continued progress toward maximising utilisation of Cellvizio, which represents one of three key strategic targets set out by management for 2019. While total sales growth was in part driven by softer sales in Q1/2018, total consumable sales grew 10% vs. Q4/2018, indicating Cellvizio's increasing utilisation, which we continue to consider a key p
Mauna Kea reported FY2018 total sales of €6.8m (1% YoY) with sales of €2.1m (37% YoY) in Q4 highlighting the increasing traction for Cellvizio and validating the transition to the new pay-per-use ("PPU") model in the US. Total sales growth was largely driven by a 17% increase in consumables sales, the key performance indicator for PPU, in our view. As we expected, FY2018 revenues from Cellvizio straight sales declined (-13% YoY) as a result of the move to the new sales model, but this decline wa
Mauna Kea reported Q4/2018 financial results slightly below our expectations, however, with sales of €2.1m (37% YoY), Q4 represents the strongest quarter for Mauna Kea in 2018, thus highlighting the increasing traction for Cellvizio and validating the transition to the new pay-per-use ("PPY") model in the US. Total sales were largely driven by consumables sales of €0.8m, of which €0.3m were associated with PPY (112% YoY). As we expected, FY2018 revenues from Cellvizio straight sales declined (-1
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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
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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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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
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