Hybridan Small Cap Feast - 20 Feb 23

20 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

Morning Note – 20 February 2023

Tristel - Interims – normal service (growth) resumed

Tristel reported a strong set of interims, demonstrating a return to pre-pandemic growth rates. Revenues rose 16% (21%, excluding one-off distortions in H1 2022), with adjusted EBITDA of £4.6m (+29% and margins +90bps to 26.4%) and adjusted pre-tax profit of £3.1m (+43%). Cash at 31 December was £8.4m, after a £3.3m dividend payment (including £1.4m special dividend), with FCF rising 20% to £3.3m. We look forward to FDA clearance later in 2023, the value for which has been boosted by re-negotiat

Morning Note – 12 December 2022

Hybridan Small Cap Feast 25/10/22

Dish of the day Joiners: Guanajuato Silver Company (AQSE: GSVR) has joined the AQSE Growth Market. Leavers: Eastinco Mining and Exploration left the AQSE Growth Market and joined the Standard List of the Main Market (yesterday we incorrectly said it had joined AIM.) Lamprell has left the Main Market. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca En

Morning Note – 25 October 2022

Tristel - FY 2022 results – strong Q1 FY 2023 drives upgrades

FY 2022 results were in line with the July trading update, with revenues of £31.1m (flat, albeit continuing product sales +3% and masking 15% growth in H2) and adjusted pre-tax profit of £4.5m. With NHS Supply stock levels now normalised, the company indicated 20% sales growth Q1 2023. We upgrade FY 2023 adjusted EBITDA and PBT by 6% and 8%, respectively, and introduce FY 2024 forecasts, which call for adjusted PBT of £6.8m (+13%) and adjusted EPS of 11.6p (+9%) that exclude the impact of potent

Hybridan Small Cap Feast 18/07/2022

18 July 2022 @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 objective

Morning Note – 18 July 2022

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Morning Note – 30 June 2022

Rude Health - finnCap Life Sciences quarterly sector note

The smaller cap Healthcare index: After another year of outperformance, during which the AIM healthcare sector rose 10% in 2021 vs 5% for the broader AIM market, we are seeing a rotation out of growth into value stocks in 2022 (this also helped the large cap healthcare stocks rise 17% in 2021). Coupled with a rotation out of COVID-19 diagnostics companies, the AIM Healthcare index has fallen 24% in 2022 YTD (vs AIM -14%). The finnLife 50 index has also fallen, by 27%, with all but two companies

Morning Note – 21 February 2022

Tristel - Interims – strategic focus on ClO2-based chemistry

Tristel’s interim results were accompanied by the strategic decision to withdraw from non-ClO2 based products. Whilst impacting FY 2022/23 forecasts, the resulting business will be a more robust and focused one, removing the drag that these products had on sales growth and gross margin. Moreover, it should substantially reduce operational risk, simplify production processes and ensure that its regulatory affairs and quality assurance function are able to focus on its core Tristel and Cache produ

Morning Note – 13 December 2021

Reassurance on RCF funding and FCF in Q1

VLG has issued a reassuring statement regarding its RCF/funding. Liquidity is sufficient and stable, and no impact or risk to the business is expected to arise from events at Silicon Valley Bank, one of the lenders under its RCF. The Board is confident of being able to refinance that portion of the RCF either at or before renewal in Jun24. In addition, VLG reports a strong start to the year, including good cash generation following the strong final quarter of FY22.

Clean exit from ADL Health

EKF has announced a clean solution has been found for the non-core Laboratory Testing business ADL Health, selling the business back to one of its management team. Having pared back our estimates for this division in February, we expect no further material impact on earnings from this move. Strategically, we view it as positive, removing a distraction and further re-focussing activities back towards the core established Point-of-Care & Central Labs business and the growing new Life Sciences acti

SHORE CAPITAL - Destiny Pharma plc+ (DEST, House Stock at 30p)

LIBERUM: Futura Medical* - Eroxon live in EU, FDA decision now Q2

Hybridan Small Cap Feast - 06 Mar 23

6 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 objective

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

Positive momentum persists

2022 was a pivotal year for NIOX as it moved firmly into sustainable profitability and cash generation. The foundations for a scalable platform are now well-established and the group enters 2023 with strong momentum (revenues in the first two months of the year were +19%). Having upgraded our forecasts following the trading update in January, we push through further EBITDA upgrades on improved margin assumptions. NIOX is a rare asset and fully deserves a premium rating. We stay at Buy, with an i

Tissue Regenix - FY 2022 – a pivotal year to a sustainably profitable business

Tissue Regenix reported full-year results to 31 December in line with its January trading update that indicated it had reached EBITDA profitability in Q4. What was undisclosed then was that it included a $0.45m provision, without which it would have generated an adjusted EBITDA of c.$0.4m in H2, illustrating the positive underlying progression to a profitable and sustainable growth company. The outlook remains positive – new products, new geographies and additional distributors/strategic partner

Morning Note – 21 March 2023

Destiny Pharma - Positive Phase II data with XF-73 published in medical journal

Destiny Pharma announced the publication of Phase II data with anti-bacterial drug XF-73 nasal gel in the peer-reviewed medical journal, Infection Control & Hospital Epidemiology. The data showed that XF-73 treatment in an 83-patient study resulted in a >99% reduction in nasal Staphylococcus aureus burden (after three applications of nasal gel 24 hours prior to surgery) measured 1 hour prior to cardiac surgery, which was the primary end-point of the study. The data are consistent with previous s

Hybridan Small Cap Feast - 21 Mar 23

21 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

Hybridan Small Cap Feast - 14 Mar 23

14 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

Hybridan Small Cap Feast - 16 Mar 23

16 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

Hybridan Small Cap Feast - 20 Mar 23

20 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

SHORE CAPITAL - Warpaint London+ (W7L, House Stock at 198p)