Hybridan Small Cap Feast - 17 Apr 23

17 April 2023 @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 objectiv

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: GSK WG., ASHM, DXRX, BOOM, AVCT, TEK, UOG, & EBQ.

Diaceutics - FY22 Results - April 2023

As flagged with the trading statement, Diaceutics reported a 40% YoY increase in revenue to £19.5m generating EBITDA of £3.6m, up 53% YoY with diluted EPS of 0.84p, up 27% YoY. More important in our view, was the structural change in revenue generation to a recurring revenue model with platform-based subscription contracts accounting for 35% of revenue up from 3% in 2021, driving the development of a meaningful forward order book of £16.9m (FY21 £1.7m) for the first time. Cash and net cash ended

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: HSBC, AGR, AVCT, SMD, DXRX, CYAN, TRST, & KAV.

Diaceutics - SVB Risk Management

Diaceutics issued an RNS statement this morning setting out its exposure to Silicon Valley Bank (SVB), which went into receivership on Friday, 10 March and the mitigating actions the company is taking. However, HSBC has announced that it has acquired the UK arm of SVB (SVB UK) with immediate effect and the UK government has announced that customers of SVB UK will be able to access their deposits and banking services as normal from today. Consequently, it seems likely that the mitigating actions

Diaceutics - FY22 Trading Update - Jan 2023

FY22 has proven to be a great year for Diaceutics, which comfortably beat revenue expectations and maintained its EBITDA margin in the face of a transitioning business model and a highly inflationary world. It has also announced a key strategic update as well as new enterprise level agreements with two “top 10 global pharma companies”. We detail these later in the note, but together they represent $7m of data subscription agreements over 2 years, which to us further highlights the success of th

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: BP., RTO, DGE, OCDO, LMP, 1SN, TRR, & DXRX.

Diaceutics - 1H22 Results - Sep 2022

We've issued research covering Diaceutics's results for the half-year to 30th June 2022. This period has strongly validated the transition to a platform model, which now represents c.76% of revenue, a level reached about a year ahead of expectations. Not only has revenue grown 25%, but its quality as significantly improved too: 37% of revenue is now derived from multi-year subscription contracts that auto-renew, with an annual break clause. Early indicators lead us to expect low churn and high

Diaceutics - Trading Update - July 22

Diaceutics has released a strong trading update, including a 15pp increase in the proportion of sales coming from the DXRX platform, to 75%: this is hugely positive for earnings & cash flow visibility as platform revenue tends to be multi-year and recurring in nature. Revenue was +25% organically and the order book reached £10m, becoming material for the first time. Management is delivering on its goal to contract more multi-year, predictable revenue streams. We expect further material growth

UK Healthcare IT at a premium

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from BA., BDEV, HIK, NXT, DLN, HSX, MGAM, RAT, TRN, VMUK, COST, & DXRX.

Diaceutics - FY Results - March 22

Following on from a strong FY trading update, Diaceutics has released its FY21 results. These are indicative of a business that's adapted to its new model with exceptional pace, and which is ready to grow its top line while enjoying significant operating leverage and good cash conversion. With the majority of revenue now coming from the platform, which only launched in October 2020, we look forward to more recurring revenue and higher quality earnings than ever before.

Initial Equity Trading Comments - 15 May 2023

Kromek - Placing raises £7m with Open Offer of up to £1m

Kromek raised £7m (with up to £1m via an Open Offer) to strengthen the balance sheet and provide the working capital for the CT programme to bridge the gap before supply agreements with recently announced Tier 1 and Tier 2 OEMs commence in earnest. As the only independent commercial scale manufacturer of the next-generation detector (CZT) for use in CT and SPECT imaging systems, Kromek is actively engaged with 9 OEMs (both Tier 1 and Tier 2), with 3 agreements having now been signed (FC estimate

LIBERUM: Aptamer* - Prelims supports growth projections

LIBERUM: Aptamer* - Initiation - Build better binders

Hybridan Small Cap Feast - 19 May 23

19th May 2023 @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 objectiv

Vetting the opportunity

Monday''s trading update caused the shares to drop 13%, leaving c28% upside on the possible all-cash offer price by EQT, set at 4,070p per share. While the market seems sceptical on the deal going through (outcome expected by June 2), we believe EQT will proceed and most likely on unchanged terms. We turn opportunistic and upgrade the shares to outperform. Destocking and European slowdown behind the trading update Destocking in the USA went deeper than expected by a couple of weeks, with inven

Oncimmune (ONC LN) - Successful divestment & debt refinancing enhances potential for value growth

This morning Oncimmune announced the successful divestment of its lung cancer diagnostic (EarlyCDT®) business to US cancer detection specialist Freenome Holdings Inc., for £13m in cash. Sale proceeds have been used to pay down almost 50% of outstanding debt principal. The remaining €6.0m of debt has been refinanced. Oncimmune is now focused solely on its ImmunoINSIGHTS™ discovery business. In a separate deal, Freenome has purchased ImmunoINSIGHTS™ services worth at least €1.14m per year for a pe

ReNeuron Group Prelims

Preliminary FY 2023 results from ReNeuron Group plc (RENE.L) highlight its transition via restructuring from a clinical-stage drug developer to a drug delivery platform based on its exosome technologies. As such, clinical trial spend is being minimised to cover legacy obligations only and in future will be conducted instead by partners, such as Fosun Pharma. The generation of data validating its CustomEx™ exosome platform to enable partnering and licensing transactions can be completed more cost

Hybridan Small Cap Feast - 25 May 23

25th May 2023 @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 objectiv

Funding the opportunity in medical imaging

On 18 April Kromek announced a major seven-year agreement with a Tier 1 OEM to develop and incorporate its CZT-based detectors in the OEM’s advanced medical imaging scanners, and further deals have since followed. In order to fund these opportunities, on 5 May the Group announced a fund-raise of £8m (gross). It is our assumption that the Tier 1 OEM segment targeted is the CT scanner market. This was worth an estimated US$6.7bn in 2022 and, at a 5.6% CAGR, is expected to reach US$9.92bn by 2029.

Cenkos: Creo Medical Group Plc -- Lung: First in human completed

Creo Medical has announced the successful completion of the first in human use of its MicroBlate Flex device to ablate a lung lesion, undertaken at the Royal Brompton Hospital, London. The patient was treated as part of the recently announced human clinical study aimed at demonstrating the safety and efficacy of its MicroBlate Flex device for the microwave ablation of lung lesions accessed minimally invasively via a bronchoscope. We believe this procedure represents a significant milestone for C

Avon Protection - Termination of coverage

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.

Hybridan Small Cap Feast - 26 Apr 23

26th April 2023 @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

Initial Equity Trading Comments - 10 May 2023

Hybridan Small Cap Feast - 23 Mar 23

23 March 2023 @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 objectiv