PANMURE: NetScientific : Going Deep: A Hidden Growth Story

NetScientific - Interim Results – solid strategic progress paves way for value inflection

NetScientific, the deep tech and life sciences VC investment group, has released interim results to June 2023 evidencing progress in the ‘core' portfolio and first asset realisations. Amongst multiple updates detailed below, across an expansive and diversified portfolio of over 20 companies, NSCI reports a Fair Value' as at 30 June 2023 of £35.5m (H1-22: £29.2m) a 21% increase compared to H1-22A. Looking at the last six months, and excluding the market value of PDS Biotech (NASDAQ:PDS - currentl

NetScientific - EMVC leads £3.5m Funding in Q-Bot

NetScientific, the deep tech and life sciences VC investment group, has announced that its portfolio company Q-Bot (advanced robotics for the deployment of insulation underneath suspended floors) has successfully closed a £3.5m investment round. The funds will be used by Q-Bot to support and accelerate growth in its principal UK market and expansion into Europe and the USA. Alongside the funding announcement, Q-Bot has also announced the appointment of John Kennedy as its new CEO, following his

Cambridge Nutritional Sciences - Operational improvements set to drive future gr

Cambridge Nutritional Science’s (CNS) FY 2024 results make for encouraging reading, from both a financial and operational perspective, that should provide investors with confidence around management’s ability to execute on its long-term growth strategy, in our view. Underpinning our positive sentiment is the payback which is now being realised from the group’s manufacturing excellence programmes which have delivered significant growth in the gross margin in FY 2024, increasing 1,488 bps to 61.9%

PANMURE: Insurance : Fat Tail Friday: What we learnt from Q1 Earnings Season

Morning Note – 25 July 2024

PANMURE: Conduit : Strong growth

PANMURE LIBERUM: Inspiration Healthcare: Inspiration catches a break

Trinity Delta Lighthouse: Arecor Therapeutics

Trinity Delta view: New funds are welcome, and will allow Arecor to invest judiciously in Tetris Pharma to drive Ogluo sales, whilst also continuing to expand the technology platform to include oral delivery of peptides as well as developing enhanced injectables, with these potentially generating meaningful future income streams through deals and partnerships. The funds also remove recent working capital headwinds. The key value driver for Arecor remains the diabetes franchise, with further deve

Tristel - Strong FY24 trading performance

Tristel has published a trading update for its FY24 reporting period to the end of June 2024. The company notes strong trading through the period, generating growth ahead of both our forecasts and the company’s own performance targets. FY24 revenues grew 16.4% to £41.9m versus the Cavendish estimate of £40.0m and Tristel’s performance target of annual average revenue growth of 10-15% over three years. Adjusted profit before tax (PBT) will be no less than £8.0m versus our estimated £7.6m, indicat

PANMURE: New Energy & Clean Tech : March Round-up

PANMURE: New Energy & Clean Tech : April Round-up

PANMURE: Clean Hydrogen & Fuel Cell : Green shoots

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Warpaint London+ (W7L, House Stock at 586p) - Strong momentum continues

SkinBioTherapeutics - Dermatonics Trading Update

SkinBioTherapeutics has provided a trading update for the recently acquired Dermatonics business. Dermatonics has delivered, for the 12-months to January 2024, revenues of £1.86m (FY23A £1.82m) and EBITDA of £422k at a margin of 22.7% versus FY23 adjusted EBITDA of £230k at a margin of 12.6%. These financials provide an up-to-date view on the acquisition multiples, which based upon the total consideration, are 1.6x sales and 6.9x EBITDA based upon FY24 metrics. Further, we believe the 2024 finan

SkinBioTherapeutics - Strategy progress

SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com

Morning Note – 22 March 2024