Performance ahead of expectations; growth to continue

Microsaic Systems has reported revenue growth of 47% and a 21% reduction of EBITDA losses in the six months to Jun’22, which are ahead of expectations. The strong performance is attributed to the Group’s commercial strategy pivot to one centred around complete workflow solution sales, which is expected to establish higher level end-user engagement. Commercial traction in the period accelerated as a result and saw MSYS ship units across the UK/Eire, successfully complete laboratory work, sign a c

Encouraging year of progress; momentum continues

Microsaic Systems has reported its full year results, which reflects accelerating commercial traction. Revenues grew 357% to £0.9m, and intra-year orders exceeded £1m. A reduction in operating costs meant that EBITDA losses reduced 18% to £1.8m. Key highlights detail a number of product launches, product demonstrations and commercial agreements, including an agreement with DeepVerge (DVRG). Post period, the momentum continued with MSYS signing a multiyear contract with DVRG, which has a total po

Small Cap Feast 12/11/2021

Banquet Buffet Altona Rare Earths 12.75p £0.2m (ANR.L) The exploration company focused on the evaluation and development of Rare Earths mining projects in Africa, has appointed Hilton Banda as a Non-Executive Director with immediate effect. Hilton (aged 35) is a qualified geologist and Group Chairman of Akatswiri Holdings Limited in Malawi, the parent company of a number of resources focused companies including, Akatswiri Rare Earths Pvt Ltd, in which the Company acquired a majority interest, o

Building momentum post business model transition

MSYS has delivered an encouraging performance in the 6 months to Jun’21, with revenue up 594% to £499k (+52% vs H1’19), driven by product sales (£367k). The EBITDA performance was the strongest since AIM admission, and saw losses reduce by 36% vs H1’20, and 43% vs H1’19. Both intra-period and post period operational milestones, which include the signing of a number of collaboration/Heads of Terms (HoT)/manufacturing agreements, highlight the initial success of the business model pivot. Cash at t

Hybridan Small Cap Feast 24/09/2021

Joiners No joiners today. Leavers Danakali has left the main market (Standard). What’s cooking in the IPO kitchen? Press reports that Law firm Mishcon de Reya has agreed a merger with life sciences specialist Taylor Vinters after recently confirming its plans to go public on the London Stock Exchange (LSE). Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the C

Hybridan Small Cap Feast 24-09-2021

Press reports that Law firm Mishcon de Reya has agreed a merger with life sciences specialist Taylor Vinters after recently confirming its plans to go public on the London Stock Exchange (LSE). Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the Company, raising gross proceeds of approximately EUR200m to support Eurowag's growth strategy and (ii) existing Ordi

Small Cap Feast: 23/08/21

While we were away…. ….Joiners 5 new ones over last 3 weeks: Yooma Wellness Inc (AQSE: YOOM), a global vertically integrated wellness platform that develops and markets a portfolio of CBD and wellness brands, announces it has joined the AQSE Growth Market. Yooma, together with its European deal coordinator, Chrystal Capital Partners LLP, have raised gross proceeds of GBP7.5m , at a price of C$0.90 (£0.5232) per share. Lorne Abony, Chairman of Yooma, said: "Yooma's listing on the AQSE provides

Small Cap Feast: 02/0721

CMO Group PLC, the UK's largest online-only retailer of building materials, announced its intention to seek admission to AIM. The Group currently operates seven specialist websites, Roofingsuperstore.co.uk, Drainagesuperstore.co.uk, Insulationsuperstore.co.uk, Doorsuperstore.co.uk, Tileandfloorsuperstore.co.uk, cmotrade.co.uk and Totaltiles.co.uk. Admission due early July. Seraphine Group, intends to IPO on the Premium Segment on the Main Market. Seraphine, and together with its subsidiaries, i

FY'20 reflect COVID but new direction post funding

Microsaic’s business model is evolving, and whilst results today reflect a financial performance that has been severally tempered by COVID-19, there are encouraging early signs of a turnaround now funding has been secured. Microsaic is transitioning its business beyond the capital sale of its novel miniaturised mass spectrometry (MS) instruments, consumables and support services, to a business model that uses its technology and instruments to deliver complex solutions for end users. There are a

Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, in

Material contract win worth up to £250k

Microsaic has signed Heads of Terms on a Framework Services Agreement with DeepVerge Plc worth up to £250k. DeepVerge is a listed Group with focused on the water contamination and the identification of pathogens. The agreement marks a shift towards a revenue-sharing, collaborative business model using DeepVerge’s sales/distribution channels to commercialise its miniaturised mass spec technology and services for quality and contamination detection in a range of markets. The news is highly encoura

SP Angel Healthcare Conditions

Beximco Pharma (BXP.L*): Plans to begin producing remdesivir (Source: Reuters) | Microsaic Systems (MSYS.L): COVID-19 update | Creo Medical (CREO.L): Final results for the 12 months ended 31 December 2019

Covid-19 update and cash preservation measures announced

Microsaic has provided an update on the business during the Covid-19 pandemic and cash conservation measures that have been installed. Covid-19 is expected to impact near-term performance with the company’s distribution and OEM channels unable to operate normally due to lockdown restrictions. As a result, revenues are anticipated to be lower than expected, although forward visibility remains poor at this stage. Microsaic has announced cash preservation measures to offset lower revenues including

Cambridge Nutritional Sciences - Operational improvements set to drive future gr

Cambridge Nutritional Science’s (CNS) FY 2024 results make for encouraging reading, from both a financial and operational perspective, that should provide investors with confidence around management’s ability to execute on its long-term growth strategy, in our view. Underpinning our positive sentiment is the payback which is now being realised from the group’s manufacturing excellence programmes which have delivered significant growth in the gross margin in FY 2024, increasing 1,488 bps to 61.9%

PANMURE LIBERUM: Inspiration Healthcare: Inspiration catches a break

Trinity Delta Lighthouse: Arecor Therapeutics

Trinity Delta view: New funds are welcome, and will allow Arecor to invest judiciously in Tetris Pharma to drive Ogluo sales, whilst also continuing to expand the technology platform to include oral delivery of peptides as well as developing enhanced injectables, with these potentially generating meaningful future income streams through deals and partnerships. The funds also remove recent working capital headwinds. The key value driver for Arecor remains the diabetes franchise, with further deve

Tristel - Strong FY24 trading performance

Tristel has published a trading update for its FY24 reporting period to the end of June 2024. The company notes strong trading through the period, generating growth ahead of both our forecasts and the company’s own performance targets. FY24 revenues grew 16.4% to £41.9m versus the Cavendish estimate of £40.0m and Tristel’s performance target of annual average revenue growth of 10-15% over three years. Adjusted profit before tax (PBT) will be no less than £8.0m versus our estimated £7.6m, indicat

Morning Note – 25 July 2024

PANMURE LIBERUM: Scancell Holdings: SCOPE-ing the opportunity

PANMURE LIBERUM: HUTCHMED: The building blocks of sustainability

Hardman & Co Monthly: July 2024

Feature article: UK life sciences needs more local institutional support to survive. For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipa

Hybridan Small Cap Feast - 25 July 24

* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make

Warpaint London+ (W7L, House Stock at 586p) - Strong momentum continues

On the mend

SkinBioTherapeutics - Dermatonics Trading Update

SkinBioTherapeutics has provided a trading update for the recently acquired Dermatonics business. Dermatonics has delivered, for the 12-months to January 2024, revenues of £1.86m (FY23A £1.82m) and EBITDA of £422k at a margin of 22.7% versus FY23 adjusted EBITDA of £230k at a margin of 12.6%. These financials provide an up-to-date view on the acquisition multiples, which based upon the total consideration, are 1.6x sales and 6.9x EBITDA based upon FY24 metrics. Further, we believe the 2024 finan

SkinBioTherapeutics - Strategy progress

SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com

Morning Note – 22 March 2024

Shield Therapeutics - AOP Milestone Monetisation gives comfort on cash position

STX has done a deal with its major shareholder, AOP Health International Management, under which it will get a $5.7m cash advance, to be paid back by the future milestone payment ($11.4m) that STX expects to receive upon the approval of Accrufer in China in 2026. Although the payback terms are favourable to AOP, we would not expect it to further invest if it did not have a clear line of sight to payback via the China approval, and more broadly STX’s ability to become profitable. In today’s relea