Trinity Delta view: ANGLE’s Pharma Services business centres on helping large pharma customers identify cancer mutations as potential biomarkers and use them to guide targeted therapy at any stage from diagnosis to longitudinal monitoring, allowing minimally invasive and repeatable sampling, unlike tissue biopsy. ANGLE’s continued focus on growing and augmenting this offering has the potential to drive significant mid- and longer-term revenues through later-stage clinical development as part of existing deals (depth), cross-selling (breadth), and new deals (halo). Recently, opportunities to widen adoption of Parsortix-based CTC capture and analysis through a similar model for medtech diagnostics companies has been identified, that could help support development of new and/or companion diagnostics (potentially enhancing existing diagnostic solutions). As is usual following FY24 results and updated guidance, we suspend our forecasts and valuation pending review; for context, our prior valuation was £155m, equivalent to 48p per share.
