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

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