FY22 results disappointing – outlook offers promise

FY22 was something of an annus horribilis for Abingdon due to factors largely outside of its control. As the pandemic has subsided, legacy issues have been resolved and management has cleared the decks for a reset of activities, focussing on a range of Contract Development and Manufacturing opportunities. The settlement with the DHSC has been resolved and £6.4m in cash received post-period end. Management therefore expects there to be no current funding requirement as it moves towards cashflow b

Hybridan Small Cap Feast 07/10/22

What’s cooking in the IPO kitchen?** Sondrel Holdings plc, a UK founded and headquartered fabless semiconductor business providing turnkey services in the design and delivery of complex, high end 'application specific integrated circuits' (ASICs) and 'system on chips' (SoCs) for leading global technology brand, intends to join AIM. Anticipated Mkt Cap £48.1m. £20m to be raised. Expected 21 October 2022. TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. ED

Pipeline firming up with contract win worth min £2.7m

In a further sign that Abingdon’s pipeline is maturing, it has today announced a significant contract win with a European partner for the manufacture of lateral flow device components for a Covid-19 antigen test. It is worth a minimum of £2.7m over the initial 12 month period, with scope to extend the duration, scale and scope of the contract. As such, we believe it has the potential to be materially larger than this over time. In our view, this is a strong endorsement of Abingdon’s range of cap

Growing pipeline of opportunities

Interims reflect the trading update earlier this month and the adverse impact from the DHSC dispute, which continues to rumble on despite agreement in principle being reached for the repayment of the outstanding debt. More encouragingly, there are meaningful signs of progress in developing a broader customer base, with two new MOUs announced today for the development and manufacture of a range of lateral flow tests across diverse indications. One of these builds on the relationship with Vatic, w

Trading & strategic update

Abingdon’s H1 update acknowledges that Covid-19 testing will no longer support the group’s growth plans. It is therefore accelerating its plans in contract development and manufacturing, direct-to-consumer sales and in own product development, with progress achieved in each. Following the fund raise, cash stood at £5.9m at the end of December, with the £8.45m still to be received from the DHSC. Pending further visibility over the phasing of future revenues, our forecasts remain withdrawn for now

In line prelims, light at the end of the tunnel

Abingdon has reported FY21 prelims in line with the position outlined at the trading update in April, with revenues of £11.6m, an adj EBITDA loss of £3.3m and cash of £5.0m after significant investment in manufacturing capacity. The pipeline of contract manufacturing opportunities continues to grow, with a number of projects at the final stages of tech transfer, underpinned by initial advance purchase orders for manufacturing batches. Whilst payment for the debt owed by the DHSC has still not ye

FY21 Trading Update

Abingdon’s FY21 trading update indicated revenues are expected to be ~£11.6m and an adj EBITDA loss of £(3.3m), in line with the revised guidance given in April. It continues to be hamstrung by the hiatus in orders for its lead product AbC-19 and is caught in the crossfire of a legal dispute involving the DHSC. Payment of the outstanding debt of £6.7m continues to be withheld pending the outcome of this judicial review. As a result, Abingdon has enacted a cost reduction programme, which has incl

Small Cap Feast: 09/07/21

What’s cooking in the IPO kitchen? Bridgepoint Group to float on the Premium Segment of the Main Market. Bridgepoint is the leader in middle market investing, with a global reach that leverages its strong pan-European footprint and Bridgepoint's ability to deploy meaningful amounts of client capital across several well established strategies. Raising £300m. Timing TBA. HydrogenOne Capital Growth to IPO on the Premium Segment of the Main Market. HGEN is targeting a raise of £250m. First London

Encouraging pipeline, but uncertainty over delivery

Abingdon has issued an unscheduled update, indicating that while the pipeline of opportunities continues to build, converting these to live orders is taking longer than expected. Whilst AbC-19 stock levels have continued to build in anticipation of future demand, any orders received between now and the end of the financial year in June will take time to be fulfilled. Hence, FY20 results are now expected to be below market expectations. Management has provided a range of potential outcomes, with

Small Cap Feast

MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23 million. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee, the online pensions provider, with a mission to make pe

Interims in line, waiting for orders to land

The H1 performance was largely pre-flagged and illustrates how the business is beginning to scale. Revenues increased fourfold to £7.7m, with both Covid and non-Covid related activities contributing to growth. Whilst there is further growth required to hit our FY21 estimates, the company points to an active pipeline of late stage contract opportunities, particularly for international sales of its AbC-19 rapid antibody test. The timing of these is somewhat uncertain, but we make no changes to our

Small Cap Feast

Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard) this spring. Target valuation £20m raising c. £8m “to finalise the development and launch

SP Angel Healthcare Conditions- 26-01-2021

Leader in rapid testing

Abingdon is a contract development and manufacturing organisation (CDMO) providing outsourced services to the diagnostics industry with a focus on rapid point-of-care tests. It is a recent IPO, having floated on AIM in December, raising £22m at 96p to fund a capex programme to increase automated manufacturing capacity threefold to ~150m lateral flow devices pa. Its expertise in the field saw it approached by the UK Government to lead and form the UK Rapid Test Consortium (UK-RTC) and design and

FY22 in line – focus on core increasing

FY22 results are in line with revised estimates. Management continues to intensify its focus on the growing, profitable and cash generative Point-of-Care and Life Sciences activities, where confidence in the latter opportunity is increasing. We make some modest changes to our forecasts to reflect further streamlining post-period end and point to the strong growth outlook from FY24 onwards. We believe this is being overly discounted by the market and view the shares as being in deep value territo

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)

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

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

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 – 27 March 2023

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 - 24 Mar 23

24 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

Morning Note – 21 March 2023

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

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 - 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