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

Core ahead of expectations, growth initiatives progressing but more slowly

EKF has issued an FY22 trading update, with the established Point-of-Care and Central Lab segments growing strongly and ahead of expectations, but growth initiatives coming through slower than forecast. CEO Mike Salter has stepped down, but will remain with the group to focus on delivery of the latter, with Julian Baines returning temporarily as Exec Chair whilst a new permanent CEO is recruited. We pare back our growth expectations in FY23, with additional cost saving measures underway to prote

Positive full year update highlights upside risk

VLG has reported a positive year end update after a strong Q4 performance, particularly across its Customer Brands division. The team at Biokosmes delivered an exceptional year, helping to protect key customers against the ongoing supply chain difficulties. This performance puts VLG on track to at least deliver FY profit expectations, and we have upgraded FY22 EPS by 5.5%. While we make no changes to FY23 forecasts at this stage, on balance we see risk to the upside. On just 5.0x EV/EBITDA, and

Q4 beat + strong guidance

Despite some moderation, Q4 sales crossed expectations as healthy growth in Vaccines and HIV was overshadowed by declining sales of COVID-19 solutions. While 2023 is guided to be strong, COVID-19-related sales are expected to continue declining. Even as Vaccines and HIV continue their momentum, GSK needs to find other avenues for growth, preferably in high-potential oncology. Considering the firm’s legacy strengths and hope of an R&D turnaround, given the on-going initiatives, the share price of

Kromek - Interim results – strong revenue growth

Kromek reported interim results with revenues up 44% to £6.8m, an EBITDA loss of £2.7m and period-end cash of £1.0m. A record order book and good visibility over our FY 2023 revenue forecast of £18m (c.91% of which 84% is already contracted or shipped) should still deliver a positive EBITDA in H2, but given inflationary cost pressures and a negative FX impact on translated US costs, it is unlikely to offset the H1 loss as previously anticipated. We reduce FY 2023 EBITDA and PBT by £2.4m and £2.8

Hybridan Small Cap Feast - 25 Jan 23

25 January 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

Tissue Regenix - Initiation of coverage – positive FY 22 trading update

Tissue Regenix is a commercial-stage regenerative medicine business with a broad range of products targeting large addressable markets in orthopaedics/sports medicine, biosurgery and dental. Its differentiated product portfolio is underpinned by two proprietary processing technologies (BioRinse® and dCELL®) that deal with the repair or replacement of bone and soft tissue (e.g. skin, tendons). Its last trading update was positive, indicating 24% (26% CER) revenue growth in 2022 and a move into EB

Morning Note – 31 January 2023

Hybridan Small Cap Feast - 17 Jan 23

17 January 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

Confirming further upgrades post positive update

At the trading update earlier this week, NIOX indicated FY22 EBITDA would be around £7.0m, ~15% ahead of already upgraded expectations, with net cash coming in at £19.4m. This was driven by 15% underlying revenue growth, improved gross margins on mix and ongoing operational efficiencies. We formally update our estimates in this note, increasing our FY22 PBT/EPS forecast by 20% but, prudently, leaving FY23/24 unchanged for now. The outlook remains positive with latent growth potential in the US a

Hybridan Small Cap Feast - 23 Jan 23

23 January 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

Hybridan Small Cap Feast - 26 Jan 23

26 January 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

Hybridan Small Cap Feast - 06 Feb 23

06 February 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 objec

Hybridan Small Cap Feast - 20 Jan 23

20 January 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

Hybridan Small Cap Feast - 30 Jan 23

30 January 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

Hybridan Small Cap Feast - 03 Feb 23

03 February 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 objec