Another quarterly beat; promising non-Covid-19 guidance

Qiagen reported better-than-expected Q4 results. Double-digit growth in the non-Covid-19 product group was however overshadowed by the substantial decline in Covid-19 sales. Moreover, the 2023 guidance assumes a further material decline in Covid-19 sales. However, with the lynchpin segment, i.e. non-Covid-19 products, again guided to clock healthy double-digit growth in 2023, and various innovation and bolt-on initiatives, Qiagen remains an attractive sector bet – which may also garner new M&A i

Another successive beat, followed by guidance upgrade

Qiagen’s Q3 22 results came in ahead of the company-compiled consensus estimates. While COVID-19 testing sales moderation continued (also a sector-wide trend), non-COVID-19 robust growth momentum resulted in a third guidance upgrade in a row. Considering that non-COVID-19 testing tailwinds will continue along with the firm’s strategic initiatives of expanding the scope of offerings, and the re-emerging M&A rumours, our positive stock recommendation is reiterated.

Another consecutive ‘quarterly beat + guidance upgrade’

Qiagen reported better-than-expected Q2 results, exceeding the street and management’s expectations. While a COVID-19 testing sales moderation had been expected, sustained momentum for non-COVID-19 offerings was promising and an important read-across for testing firms. Moreover, considering initiatives to expand the scope of offerings, including tapping the recent monkey pox virus-induced opportunities, the firm’s attractiveness remains intact, which could also result in re-emerging M&A interest

Stronger-than-expected Q1, followed by guidance upgrade

Qiagen reported strong Q1 22 results, with both sales and profitability ahead of expectations. Growth/recovery was witnessed for both the non-COVID-19 and COVID-19 offerings. Moreover, management upgraded its 2022 guidance. These results are also an encouraging read-across for other testing firms in our coverage. Overall, our positive stock recommendation is reiterated, also on the back of Qiagen’s sustained innovations resulting in broad-based offerings.

Strong results; now well-poised to leverage changing market dynamics

Qiagen reported strong Q4 results, with robust demand for non-COVID offerings, which is guided to continue in 2022. This overshadowed the moderation in COVID-19 sales. Although, COVID-19-driven sales are expected to witness a significant decline, resulting in an overall sales decline guided for 2022. Besides these results validating our positive stock recommendation, there’s also a promising read-across for other testing firms in our coverage.

Stronger-than-expected Q3-driven guidance upgrade

Qiagen reported strong Q3 results, with robust demand for non-COVID offerings. Interestingly, even COVID-19 testing solutions witnessed slower-than-expected sales erosion. With a slew of (newer) offerings in its kitty and re-emerging (though again temporary) COVID-19 testing tailwinds, management upgraded its 2021 sales growth and adjusted EPS guidance. Also, with re-emerging M&A speculations, Qiagen’s attractiveness is re-inforced.

Despite robust Q2, FY21 outlook lowered due to falling COVID-19 test demand

Q2 21 beat was led by the robust demand for non-COVID products. However, given the faster adoption of vaccines, demand for COVID-19 tests has faded earlier than expected and thus management has trimmed its full-year sales outlook. Earnings are also expected to come in at the lower end of the guidance range and we won’t be surprised if talks resurface for the shake-up of the company’s board. However, the new $100m share buy-back programme reflects management’s confidence in its five strategic pil

Robust recovery in non-COVID-19 business ensures a beat in Q1

Benefiting from strong demand for sample technology solutions and the QuantiFERON-TB test, Qiagen’s non-COVID-19 business was back in the black in Q1 21. Expectedly, COVID-19 products witnessed a sustained high level of demand during the quarter, though it is expected to slowdown in the subsequent quarters. Nonetheless, the acceleration in the non-COVID-19 business – driven by new product launches and the normalisation of the market as people get vaccinated – should ensure that the FY21 targets

Q4 sales accelerate led by elevated COVID-19 demand and improved non-COVID-19 trends

Benefiting from the extraordinary demand for COVID-19 products and improved momentum in the non-COVID-19 business, Qiagen reported its best quarterly sales performance in Q4 20. Interestingly, profitability improved on the back of strict cost management, and all FY20 financial targets were exceeded. Management anticipates double-digit growth in FY21, weighed towards H1, but, given the current trend of vaccination and emergence of new virus variants, COVID-19 testing demand could remain high in H

FY20 outlook raised; double-digit sales growth guided for FY21

Thanks to better-than-expected demand for COVID-19 products and improved sales momentum for non-COVID-19 solutions, Qiagen has upgraded its FY20 outlook. Management anticipates double-digit growth in FY21 as well arguing vaccination doesn’t kill testing and a ‘test and treat’ strategy is the best way to deal with COVID-19. Accelerated instrument placement amidst the pandemic has laid a strong foundation and the focus now shifts towards test menu expansion to propel growth in the post-pandemic wo

Strong Q3 driven by COVID tests; FY20 outlook raised

The better-than-expected Q3 results were driven by ongoing increased demand for COVID-19 solutions and improved trends in the non-COVID business. Robust sales growth and prudent cost management translated into a higher operating margin. With COVID cases on the rise and new products on the market, sales could accelerate in Q4. Thus, the FY20 guidance has been raised. Management has shortlisted five growth pillars for the post-pandemic world. More details at the upcoming investor day.

Thermo Fisher fails to cross the finishing line

Although Thermo Fisher sweetened the takeover bid by c.10% last month, Qiagen’s shareholders have still rejected the deal – only 47% of the shareholders voted in favour, compared to a minimum threshold of 66.7%. Considering that valuations in the diagnostics space are extremely expensive, higher bids are doubtful. Moreover, Qiagen could prefer to sail independently to cash-in on the unprecedented demand for COVID-19 solutions.

Strong Q2; Thermo Fisher’s tender offer ends on 10 August

Sales momentum accelerated in Q2 20, benefiting from robust demand for COVID-19 solutions. Q3 is expected to be strong and, given the improved business dynamics, Thermo Fisher increased the takeover price by c.10% in July – the US firm says that this is its best and final offer. However, some shareholders still consider the ungraded offer as inadequate and will not tender their shares. If the 66.7% minimum threshold limit is not achieved, Thermo Fisher’s offer will terminate automatically.

Amid increased shareholder criticism, Thermo Fisher sweetens the offer

After a strong Q2 and encouraging guidance for Q3 and FY20, it was becoming evident that Qiagen’s shareholders want a better takeover price. In order to rescue the deal, Thermo Fisher has increased the offer price by 10%. Also, as a step to lower the probability that a deal would fail to secure shareholder support, the minimum acceptance threshold has been reduced to 66.7%. However, one of Qiagen’s shareholders still considers the offer as inadequate.

Robust Q2 led by COVID-19 testing solutions

After a strong show in Q1, momentum accelerated in Q2 driven by the solid demand for COVID-19 testing solutions, particularly RNA extraction kits, third-party reagents and cartridges for QIAStat-Dx. However, momentum was partly offset by weaker customer demand trends in other product areas due to lower patient traffic in hospitals and the resulting decline in routine testing. Higher sales also led to a higher than expected increase in earnings. Unsurprisingly, rival bioMerieux also witnessed a s

Reassurance on RCF funding and FCF in Q1

VLG has issued a reassuring statement regarding its RCF/funding. Liquidity is sufficient and stable, and no impact or risk to the business is expected to arise from events at Silicon Valley Bank, one of the lenders under its RCF. The Board is confident of being able to refinance that portion of the RCF either at or before renewal in Jun24. In addition, VLG reports a strong start to the year, including good cash generation following the strong final quarter of FY22.

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

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

Hybridan Small Cap Feast 08/03/22

What’s cooking in the IPO kitchen?** Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023. Onward Opportunities Limited intends to join the AIM market. The Company'

Morning Note – 21 March 2023

Morning Note – 16 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 - 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

Hybridan Small Cap Feast - 20 Mar 23

20 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 - 16 Mar 23

16 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

Timely reminders of an unsafe world

As the acronym suggests, Kromek’s technology in the CBRN segment detects a wide range of threats, from radiological to biological hazards. These are united by two common themes: practicability – making ultra-high performance detection devices compact, robust and easily-deployed – and connectivity – enabling data sharing and analysis, to facilitate rapid response. A number of recent events and reports around the world serve as a timely reminder that Kromek’s CBRN technology has urgent practica

Hybridan Research: 15/03/2023: Sareum Holdings plc: Application in Australia for Clinical Development of SDC-1801

Sareum today announces that it has initiated an application to perform Phase 1 clinical studies on SDC-1801 in Australia under the Clinical Trial Notification (CTN) scheme. The documents required have been submitted to a Human Research Ethics Committee (HREC). A decision on approval by the HREC and acceptance of the CTN by Australia’s medicines regulator, the Therapeutic Goods Administration (TGA), is expected in Q2 2023. SDC-1801 is a TYK2/JAK1 inhibitor being developed as a potential new thera

Hybridan Research: 22/03/2023: Sareum Holdings plc: Expecting regulatory approval in Australia for clinical development of SDC-1801

Sareum today announces its unaudited results for the six months ended 31 December 2022. The Company’s operating expenses were £1.748m, up 72% year-on-year, reflecting the increased R&D associated with preparation for clinical trial, and this resulted in a loss before tax of £1.731m. As at 31 December 2022, the cash balance was £2.941m (vs. 30 June 2022: £4.261m). Application in Australia for clinical studies on SDC-1801: Post period end, Sareum submitted an application for Phase 1 clinical stu