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 the period end was £4.5m. We believe the current market cap of £13m fails to capture the exciting opportunities ahead, sales pipeline and growing presence in China.
