Belluscura Trading Update

Belluscura has released a Trading Update stating that due to the delay in securing funding and Chinese NMPA approval, sales and manufacturing have been delayed by at least four months and it now expects EBITDA breakeven in Q3 and to turn cashflow positive in Q1 2025.

Feedback from Digital Disruption Conference

On 12th September, Dowgate Capital and FTI Consulting held the third annual Digital Transformation Conference. Adam Reynolds (Chairman) and Bob Rauker (CEO) showcased Belluscura's award winning X-PLOR and DISCOV-R portable oxygen concentrators and highlighted the applications for its NOMAD app.

Interim results

Belluscura has reported interims in line with our expectations and notes strong momentum across its product range, particularly the DISCOV-R, and ‘transformational' progress in its global roll-out after signing Agreements with InnoMax and McKessen.

InnoMax Licence, Marketing & Distribution Agreement

Belluscura has signed an exclusive 10yr Licence and Royalty Agreement with InnoMax that we view as transformational and we raise our target price to 125p (100p).

DISCOV-R, X-PLOR and NOMAD update

Belluscura has released a very encouraging update that indicates it has achieved sales orders for 6,500/$15m DISCOV-Rs, has received 1,500 X-PLORs from Innomax for US distribution and continues to make good progress with the NOMAD app.

TBC

Belluscura has released FY22 results that are in line with our estimates and we retain our forecasts for the group to become EBITDA and cashflow positive in 2024.

Placing & Forecast Update

Belluscura has completed a Placing & Subscription for £3.1m/$3.9m which we forecast will fund the group through to becoming EBITDA and cashflow positive next year.

April Operational Update

Belluscura has released an operational update which reports it has started manufacturing in China, that the DISCOV-R won the Silver Award in the Best New Product category at MedTrade and trading is in line with expectations.

This Week's AIM Highlights 13th January 2023

FY22 Trading Update

Belluscura has released a Trading Update which confirms the strong operational progress it made last year and the acceleration in unit sales around the year end.

Cambridge Nutritional Sciences - Operational efficiencies; adjusted EBITDA profi

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

Warpaint London+ (W7L, House Stock at 375p) - Trading ahead of expectations - +10% upgrade implied

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