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  • 17 Sep 19

Interims reflect challenging environment

It has been a challenging trading period for Surgical Innovations, with the UK facing significant pressures resulting in many elective surgeries being postponed or cancelled. The company is directly exposed to these trends, which unfortunately show no signs of abating in the short term. We reduce our FY19 revenue expectations by £1.5m, which flows through to a £0.7m reduction in PBT. More positively, good progress is being made in opening new accounts (both in the UK and internationally), which should leave the group well placed once conditions improve. Importantly, the group remains profitable, cash generative and with net cash on the balance sheet.

Companies: Surgical Innovations Group
  • 19 Jun 19

Board & management structure changes

Surgical Innovations has announced that CFO Melanie Ross is to leave the business at the end of the month to pursue other opportunities. Charmaine Day (Group FC and Co Sec) will assume financial responsibilities for the group, reporting directly to CEO David Marsh. In addition, the group has announced the recruitment of an experienced Head of Compliance, further strengthening its regulatory function. Steve Seed will re-join the group in September from Xiros, where he holds a similar position.

Companies: Surgical Innovations Group
  • 07 Jun 19

Trading below expectations; downgraded FY’19 growth

Surgical innovations has given an update on current trading that positive momentum in H2 2018 that continued into Q1 2019, has softened into Q2 2019, citing lower than expected orders in the UK and EU. Management now expects that revenue growth in full year 2019 will be lower than previously expected and for Adj. PBT in 2019 to be below 2018 levels. We have adjusted our forecasts for FY’19 to incorporate today’s announcement, and forecast revenue (downgrade vs. previous forecasts) of £12.1m (-8.7%). We have also prudently reduced outer year forecasts to £13.8m (-7.7%) and £15.2m (-4.1%) in FY’20 and FY’21, respectively, in light of a difficult environment in the UK and EU. Owing to the change in product mix and an increase in investment related to regulation and product launches locked-in for 2019, the drop-through means we forecast an Adj. PBT of £1.1m, £1.8m and £2.3m, respectively. Clearly today’s announcement is a setback to the company’s strategy towards delivering £100m+ of value to shareholders, but we maintain our positive fundamental view and expect investments made in 2019 will materially add value over the medium term as well as potential upside in the non-medical division and through M&A.

Companies: Surgical Innovations Group
  • 07 Jun 19

Small Cap Feast

Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019.

Companies: MSYS BRH SUN RENX MYN AAOG PHSC KCR KDNC

  • 12 Mar 19

Small Cap Feast

Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.

Companies: ARE MAFL HYDG BIRD SBIZ PEN ROCK AMO SXX SUN

  • 12 Mar 19

Strong H2 momentum continues

A strong second half has brought trading for the full year in line with expectations and leaves the business well set for 2019. An exciting pipeline of new products should supplement an already strong organic growth outlook and could lead to material upgrades in time. We continue to see a clear path for management to realise its ambition of building a £100m+ business over the next 3-5 years.

Companies: Surgical Innovations Group
  • 28 Feb 19

CEO appointment and board changes

Surgical Innovations has announced the appointment of David Marsh as CEO starting immediately and four additional board changes. The changes are amicable and we believe are supportive of the company’s strategy towards a more commercially-aligned business. David Marsh held an existing role on the Board as Group Commercial Director joining in August 2017 with the acquisition of Elemental Healthcare. Current executive chairman, Nigel Rogers will relinquish his executive responsibilities moving to a non-executive chairman position. David has a strong and highly relevant CV, and his appointment concludes the successful acquisition and integration of Elemental. The three other board changes (see extract), include splitting Melanie Ross’s CFO/COO role so she can focus on her CFO responsibilities, while Alex Hogg will join from Xiros Limited as Operations Director, and Adam Power assumes all commercial and business development activities for the group. We view it positive that between David and Adam, management have an invested stake in the company of approx. 10%. We view the CEO appointment and board changes positively, playing to individual strengths and are supportive of the group’s growth strategy.

Companies: Surgical Innovations Group
  • 14 Jan 19

Clear route to £100m+

A strong second half has brought trading for the full year in line with expectations and leaves the business well set for 2019. An exciting pipeline of new products should supplement an already strong organic growth outlook and could lead to material upgrades in time. We see a clear path for management to realise its ambition of building a £100m+ business over the next 3-5 years. This note looks in detail on how this can be achieved.

Companies: Surgical Innovations Group
  • 06 Nov 18

Small Cap Feast

Wentworth Resources— oil and gas exploration and production company, with assets in the onshore Rovuma Basin of East Africa. Introduction only. Mkt Cap c £50m . Due today Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Path Investments— First acquisition of a 50%. participating interest in the producing Alfeld-Elze II gas field in Germany. Seeking £10m raise. Transaction aborted. Was RTO. PATH to seek lifting of suspension. Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. The Panoply parent company of a digitally native technology services group founded in 2016 with the aim of identifying and acquiring best-of-breed specialist information technology and innovation consulting businesses across Europe, is looking to join AIM. Offer TBC, expected late November 2018.

Companies: HYDG KRM TLOU SUN KEFI ZOO ATM CRW CTP CAB

  • 13 Sep 18

Small Cap Breakfast

Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

Companies: SCPA NCYT WRES VERS STX SUN SOU CFX HUR SML

  • 11 Sep 18

H1 results in line; product pipeline building

This morning’s interims were flagged in the AGM update of 26 June with an H1 revenue outturn of £5.3m against guidance of >£5m and a 13% increase in adjusted EBITDA to £930k against guidance of “profitability slightly ahead”. Whilst H1 contained some significant headwinds, these have now largely reversed and H2 can be expected to be significantly stronger; FY expectations are therefore unchanged. Beyond H2, new product launches both within SI itself (extensions to the Elite range and a new optical trocar) and through CELLIS (for breast reconstruction surgery) give increased excitement to the pipeline.

Companies: Surgical Innovations Group
  • 11 Sep 18

Morning Song

Murgitroyd Group (MUR LN) Finals in line, dividend increase ahead of forecast | Oxford Instruments (OXIG LN) AGM update in line | Surgical Innovations Group (SUN LN) Challenging H1 navigated, outlook strong | Vectura Group (VEC LN) Solid H1 results

Companies: MUR OXIG SUN VEC

  • 11 Sep 18

Small Cap Breakfast

Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due late Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m. Offer TBA. Due Mid September Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa

Companies: SAR NUC EUSP TPG INSE RED TENG IXI SUN BLV

  • 29 Aug 18

First Light

Surgical Innovations (SUN) – Corporate – Restoration of CE mark for CELLIS range

Companies: Surgical Innovations Group
  • 29 Aug 18

Morning Song

IQE (IQE LN) Momentum good heading into pivotal H2 | Surgical Innovations Group (SUN LN) CE mark validation indicated for Cellis range | UDG Healthcare (UDG LN) Acquisitions/disposal a wash, but Ashfield Clinical & Commercial drags

Companies: IQE SUN UDG

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Surgical Innovations Group. We currently have 36 research reports from 4 professional analysts.

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52 Week
1.95/4.15p
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# Shares
787.5m
Daily Liquidity
(0.00%)
Pension Liability
£0m
Enterprise Value
£23.0m
Market Cap
£15.8m
Latest PE (hist)
15.00
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
17Sep19 07:00 RNS Half-year Report
03Sep19 07:00 RNS Notice of Results
19Jun19 16:03 RNS Result of AGM
19Jun19 07:00 RNS Board and management structure changes
07Jun19 07:00 RNS Trading Update
06Jun19 14:00 RNS Holding(s) in Company
29May19 15:06 RNS Exercise of Options, PDMR Shareholding & TVR
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  • 10 Sep 19

Microbiome-targeting, evidence-based food ingredients

We initiate coverage on life sciences company OptiBiotix Health plc (“OPTI”) with an OUTPERFORM recommendation and a target price ("TP") of GBp97 per share. OPTI discovers and develops targeted microbiome-modulating probiotics, prebiotics and other functional food ingredients backed by scientific and clinical evidence. Since its founding in 2014, the company has developed four products for cardiovascular lifestyle diseases and entered >45 commercial deals with corporate partners through which it generates revenues throughout the value chain. The first two ingredients, LPLDL for cholesterol reduction and SlimBiome for weight loss were launched in May 2017 and are already generating revenues. We expect total revenues including those of latestage assets SweetBiotix (calorie-free sweet fibres for sugar replacement) and LPGOS (prebiotic that enhances the effect of LPLDL) to exceed £50m by 2025E.

Companies: Optibiotix Health
  • 27 Aug 19

Foreign buyers gorging on UK stocks

Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.

Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI

  • 19 Sep 19

Interims – re-based forecasts

Interim results to 30 June 2019 showed a 21% decline in revenues, partly reflecting delays to contracts as well as other short-term market factors, which led to a 50% increase in adjusted pre-tax losses to £1.66m given the higher (+25%) R&D investment. Period-end cash was £2.1m. With a renewed commercial focus on high-value clinical trials market as well as its suite of new products, eCOA (electronic clinical outcome assessment) and NeuroVocalix (voice biomarker), however, the company continues to generate interest from large pharma, which is reflected in a growing order book, up 4% from 31 December 2018. This underpins our expectations for growth in 2020. We reduce our forecasts to reflect the impact of short-term factors in 2019 and introduce a target price of 90p, which implies a 2020 EV/Sales multiple of 3.5x. The business is being managed to ensure that it becomes cashflow breakeven in Q4 2020, with sufficient cash to ensure that it gets to profitability.

Companies: Cambridge Cognition
  • 23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

  • 10 Sep 19

Positive H1 leads to upgrades, further agreement with Mt Sinai

A strong margin performance in H1 and positive outlook statement leads us to upgrade PBT/EPS expectations by 6%, continuing the recent track record of outperformance. Cash generation remains strong and a maiden dividend of 1.0p is expected, equating to a useful 3.2% yield. Following the success of the Renalytix AI spin out and IPO, EKF has deepened its relationship with Mount Sinai, signing a Preferred Provider Agreement to give it early access to new commercial opportunities. The first of these is a novel digital care pathway platform for patients with IBD, a significant chronic disease burden. We believe this represents an exciting potential opportunity for further value creation in due course, adding to the already strong organic growth opportunity from EKF itself. Now trading on sub-10x FY20 EV/EBITDA, EKF is looking increasingly undervalued given the multiple opportunities ahead.

Companies: EKF Diagnostics Holding
  • 02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC STU GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

  • 18 Jul 19

FY results; acquisitions to fully benefit FY 2020

Full-year results to 30 April 2019 were in line at the revenue line but 5% (£0.1m) better than expected at the adjusted pre-tax profit level. Underpinned by c.5.5% organic growth, the 20% and 26% increases in revenue and adjusted EBITDA were driven by full-year contributions from ATC and QSI, acquired in FY 2018, as well as five acquisitions in FY 2019. Notable was the 35% increase in free cashflow. Additional investments into Sentek, Atik, Graticules and Astles and the integration of ATC with Thermal Exchange in FY 2020 should benefit the businesses in FY 2021. We upgrade our FY 2020 adjusted EPS by 7% as well as introduce FY 2021 forecasts, which indicate 13% EPS growth. The company indicates that it expects to add at least one new business in FY 2020, which will be incremental to these forecasts. We are raising our target price by 9% to 60p, reflecting the improved gross margins and stronger underlying cashflow.

Companies: Scientific Digital Imaging
  • 01 Aug 19

THE MONTHLY August 2019

The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.

Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VAL VTA W7L

  • 03 Sep 19

THE MONTHLY September 2019

The challenges associated with value creation drive all investors. Any investment professional is eager to make their mark by picking organisations that are able to deliver superior returns. Increasingly investors look into how organisations are governed and how effective the top decision-making bodies of organisations really are. In this white paper, we shed light on research findings and reveal the seven hallmarks of effective boards. The seven hallmarks are proven to create more effective boards and are set to be the next lever in the value creation process. Better Boards has created advanced board evaluation tools designed to motivate and inspire and above all, contribute to superior value creation.

Companies: AVO AJB AGY CLIG DNL DPP FLTA GTLY GDR KOOV MUR NSF OXB PCA PHP RE/ RMDL STX SCE TRX TON SHED VTA W7L

  • 05 Sep 19

Oxford Biomedica - Burgeoning bioprocessing revenues

Oxford BioMedica’s (OXB’s) interim results were broadly in line with our expectations for 2019. The decrease in H119 revenues to £32.1m (-9%) largely reflects the exceptional performance in the previous period, which was bolstered by strong licence income (H119: £13.3m vs H118: £19.9m) primarily from upfront payments with the Axovant and Bioverativ deals signed (£18.5m combined). Importantly, in H119 bioprocessing revenues grew 23% to £18.8m, which we expect was driven by the continued uptake of Novartis’s CAR-T Kymriah. Typically, bioprocessing revenues are back-end loaded so a stronger performance can be expected in the second half of the year. With OXB transitioning one of its GMP suites across to bioreactor processing in H119 and its new OxBox bioprocessing facility expected to be fully operational in Q220, we expect this growth to continue in the near term. We retain our valuation of £649m.

Companies: Oxford Biomedica
  • 10 Sep 19

LIBERUM: Futura Medical* - Cannabis JV signed

Futura has announced the establishment of a joint venture (JV) with CBDerma Technology, a company that has been created and funded to exploit the therapeutic potential of Cannabis. The JV is exploring the potential of using Futura's proprietary transdermal drug delivery technology DermaSys® for the delivery of Cannabidoil (CBD).

Companies: Futura Medical
  • 11 Sep 19

LIBERUM: Futura Medical - Remains on-track for a potentially transformative catalyst in December

Futura announced HY2019 results today. It continues to deliver to plan with the key P3 FM57 study on-track to read-out in December and over 500 patients (of 1,000 in total) having completed the study already.

Companies: Futura Medical
  • 19 Sep 19

Onxeo - First Phase Ib DRIIV results released

On 18 September 2019, Onxeo released initial results from the first cohort of patients (n=3) in its ongoing Phase Ib DRIIV study with AsiDNA. The three patients had a progressive metastatic cancer (non-small cell lung cancer, triple negative breast cancer, gastric cancer) and were treated with AsiDNA plus carboplatin. No dose-limiting toxicity was observed. Two of the three patients have shown stable disease (RECIST) since the start of the treatment (more than four and five months). While it is too early to draw any conclusions on efficacy, stable disease status in 2/3 patients and a good safety profile appear encouraging. In the second part of the study, patients with various solid tumours will receive a combination of AsiDNA plus carboplatin and paclitaxel (standard of care in many solid tumours). Preliminary results are expected by end 2019.

Companies: Onxeo
  • 19 Sep 19

Entering an important 12 month period

Mereo BioPharma made significant progress strategically during H119 with the completion of the merger with OncoMed, and now is entering a critical 12-month period. Full 12-month data from the Phase II study in osteogenesis imperfecta (OI) with setrusumab (BPS-804) is due in Q419; promising 6-month data in the open-label arm has already been reported. Phase II data with its second rare-disease asset, alvelestat (MPH-966), in α-1 antitrypsin deficiency (AATD) is expected in mid-2020. The company will also be looking to partner its non-core assets to strengthen its balance sheet, with negotiations on acumapimod (BCT-197) for acute COPD most advanced. We maintain our valuation of Mereo at 506p/share or $25.59/ADS.

Companies: Mereo Biopharma Group
  • 19 Sep 19

Consistent solid delivery

Continued expansion of MaxCyte’s base of licenced cell therapy programmes provides an increasingly solid foundation to support future revenue growth. MaxCyte has delivered four-year revenue CAGR of 24%; H119 revenues were up 21%. With an industry increasingly transitioning towards non-viral transfection methods for cell and gene therapies, MaxCyte’s enabling technologies are well positioned. The company is benefitting from this trend with an increasing number of licenced cell therapy programmes (now 80+), as well as expansion in the number of clinical (45+) and commercial (5) licences. The latter represent $450m in aggregate pre-commercial milestones. Coupled to this, MaxCyte is advancing the development of its proprietary CARMA platform and is exploring independent sources of investm

Companies: MaxCyte