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On 6 January Pixium Vision announced it and Second Sight (EYES, Nasdaq) had entered a memorandum of understanding (MoU) to combine their businesses. Second Sight is developing the Orion Visual Cortical Prosthesis System, which is in a US feasibility study and is designed to provide useful artificial vision by sending electric impulses directly to the visual cortex. The stock-based transaction, which will also comprise a c $25m capital raise, will enable both companies to pool their resources in
Companies: Pixium Vision SA
Pixium Vision announced on 20 November that it has received approval from the French regulatory health authority, ANSM, to start its PRIMAvera European pivotal study of its Prima Bionic Vision System (BVS) in patients with dry age-related macular degeneration with geographic atrophy (GA-AMD), a largely unmet market indication. This is an important milestone for Pixium as we believe the PRIMAvera European registration study may provide top-line 12-month data in H222, supporting our estimate of po
Pixium Vision provided an update on its 9M20 cash flow results, which are broadly in line with H120 trends. The company reported a 9M20 operating cash outflow of €4.2m and a gross cash position of €13.3m at the end of the quarter. We believe Pixium’s funds on hand should be sufficient to support its ongoing operations into Q421, thus including at least several months of initial ramp-up of the upcoming PRIMAvera pivotal study on the Prima bionic vision system (BVS).
Pixium Vision recently reported H120 results that were broadly in line with our forecasts. The operating loss of €3.27m was mildly above our €2.77m forecast, with the difference primarily due to R&D costs (€2.86m) coming in €0.26m higher than anticipated. Free cash outflow was €2.81m compared to our estimate of €2.83m. Gross cash at 30 June was €5.0m and given that gross debt (excluding €1.2m in lease liabilities) was €5.86m, we calculate net debt of €0.86m.
Pixium on 6 July reported that it has raised €7.3m through its shareholder rights offering initiative. The subscription rate was >94% and 14.68m new shares have been issued on 8 July at a subscription price of €0.50/share, resulting in €7.3m in gross proceeds. This financing round should enable Pixium to start the PRIMAvera pivotal study on Prima, which we expect will begin recruitment in H121. We estimate Pixium’s cash on hand should now extend its cash runway into Q421. Our enterprise value of
Pixium Vision is developing Prima 2, a potentially breakthrough wireless bionic vision system (BVS) that generates electrical impulses at the retinal bipolar cell level to restore a form of central visual perception. It is on track to file to start a pivotal study in H220 for the treatment of advanced dry age-related macular degeneration (dry-AMD) involving geographic atrophy (GA). We obtain an enterprise value valuation of €105.9m, vs €98.0m previously. A rights offering is underway, expiring i
Pixium on 31 March reported positive 18-month follow-up data from its European feasibility study (PRIMA-FS) on the Prima 2 system in patients with advanced atrophic dry age-related macular degeneration (Dry-AMD). The data showed continued safety and improvements of between three and seven lines on the Landolt C visual acuity (VA) scale versus baseline. The VA improvements show further evidence of clinical activity and reinforce our confidence in the programme as the firm works towards a filing f
Pixium recently made prudent operational changes to contain expenditures while keeping the long-term investment thesis intact during the COVID-19 pandemic. With the feasibility studies paused and the start of a pivotal study possibly pushed to 2021, we expect these and other cost-cutting initiatives to enable Pixium to maintain its operations into late 2020. These actions should position the firm well to resume normal operations once the COVID-19 situation improves.
Pixium Vision has announced that the first patient implanted with the Prima System in its five-patient US feasibility study in atrophic dry age-related macular degeneration has successfully undergone device activation, using the second-generation (Prima 2) transparent augmented reality glasses and pocket computer software and analytics. A second US patient has been implanted and is expected to be activated shortly. These patients were the first to have undergone treatment using Pixium’s newly de
Pixium Vision’s 2019 results showed better than anticipated cost containment, as Pixium’s R&D costs were c 20% lower than expected. The company also reaffirmed that it plans to file for a pivotal study (PRIMAVERA) in mid-2020 and start implantations before YE20. We anticipate potential launches in 2023 in Europe and sometime thereafter in the US, and our rNPV increases to €85m, from €78m previously.
On 13 January Pixium Vision announced the first implantation of the Prima system in the US, as part of its US feasibility trial in five patients with advanced dry age-related macular degeneration with geographic atrophy. The procedure was the first to use Pixium’s new proprietary delivery system, designed to greatly improve the ease of implantation and result in a safer and less invasive procedure. The procedure was performed at the University of Pittsburgh Medical Center; more implantations are
Pixium Vision announced on 6 November a financing agreement with a US-based investor, European Select Growth Opportunities Fund (ESGO) for the issue of up to €10m in 12-month bonds repayable in cash and/or new shares, over a period of up to 30 months. The first bond tranche (€1.25m) was issued on 6 November and Pixium expects this, along with cash on hand (€7.0m at Q319), to fund the firm’s operations through H120. We anticipate that a full €10m bond exercise could fund Pixium’s operations into
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Companies: Frontier Developments Plc
Reassuring update, given still low elasticities, and FY sales guidance increased. However, we continue to keep a cautious eye on the company for the next half given consumers’ changing habits which should become tougher in the coming weeks.
Companies: Unilever PLC
Victoria has delivered record FY22 revenues and EBITDA, exceeding the minimum £970m and £155m indicated in April’s trading update. L4L revenue growth, against a Covid weakened comparative, was 19.2%, split equally between volume and price. Given the inflationary cost environment and supply chain constraints this is a highly creditable performance that demonstrates both pricing power and operational strength. The Group also made a number of enhancing acquisitions in FY22 (including the Rugs and U
Companies: Victoria PLC
Singer Capital Markets
Another good report despite some caution regarding combustibles in the coming half. New Generation Products, which are currently the main driver, continue to do very well with the 2025 targets confirmed. This is the most important thing in our opinion.
Companies: British American Tobacco p.l.c.
Better than expected demand and further strong margin performance leads to an upgrade in FY22E adjusted PBT from “no less than £8.5m” to “no less than £9.5m”. Zeus revenue forecasts increase by £1.5m (1.0%) to £157.4m and adjusted PBT forecasts (adjusted to exclude profit on the sale of freehold property and foreign exchange revaluations) increase by 12.0% to £9.5m.
Companies: Shoe Zone PLC
Companies: Frasers Group 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 translation in
Companies: TGP SKL QTX CPX FA/ GML HSP
Reckitt reported estimate beating Q2/H1 22 numbers, with sales up 11.9%/8.6%, respectively, on a LFL basis, as strong momentum in Health and Nutrition was partially offset by a normalisation in Hygiene.
The H1 adjusted operating margin expanded by 290bps, which is noteworthy within the context of an inflationary environment.
Following the strong H1, Reckitt upgraded its FY22 guidance. We expect a mid-to-high single digit upgrade to our estimates.
Companies: Reckitt Benckiser Group plc
Companies: ATOM DSCV PPC TWD
In a positive Q1 update, discoverIE has detailed Q1 sales were up +27% on last year (+17% organically). The strong organic growth reported in FY 2022 has continued into this year and underlying earnings are ahead of the Board’s expectations. Orders were stronger than expected, with a book-to-bill of 1.09, and the order book at June 2022 was a record £240m, up from £224m at the start of the quarter. The order book is up +40% organically over the last 12 months. Gross margins continue to be resili
Companies: discoverIE Group PLC
James Halstead is a manufacturer and international distributor of commercial floor coverings. The group has this morning released a full year update, pointing to a continuation of the trends previously reported, in other words positive demand offset by margin pressures. Revenue in the year is reported to have moved 9-10% higher, which was set against the various logistical and inflationary challenges presented and management deliberately choosing to invest in stock to ensure demand can be met in
Companies: James Halstead plc
Companies: Made.com Group PLC
Companies: Joules Group Plc