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  • 13 Jan 20
In line FY trading update reassures

Surgical Innovations returned to double digit growth in H2, bringing FY19 results in line with expectations. After a difficult H1, particularly around well publicised issues with the NHS, this is a creditable performance and should reassure that the market backdrop is stabilising and Surgical Innovations is back on the front foot. We continue to see material value creation opportunities ahead and look forward to a positive 2020.

Companies: Surgical Innovations Group
  • 13 Jan 20
In line FY trading update reassures

Surgical Innovations returned to double digit growth in H2, bringing FY19 results in line with expectations. After a difficult H1, particularly around well publicised issues with the NHS, this is a creditable performance and should reassure that the market backdrop is stabilising and Surgical Innovations is back on the front foot. We continue to see material value creation opportunities ahead and look forward to a positive 2020.

Companies: Surgical Innovations Group
  • 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
  • 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
  • 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
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

  • 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
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
  • 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
  • 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
  • 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

  • 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

  • 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
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
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

  • 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
First Light

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

Companies: Surgical Innovations Group

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Surgical Innovations Group. We currently have 37 research reports from 4 professional analysts.

Open
N/A
Range Today
N/A
52 Week
1.90/4.15p
Daily Volume
N/A
# Shares
792.4m
Daily Liquidity
(0.03%)
Pension Liability
£0m
Enterprise Value
£15.4m
Market Cap
£17.8m
Latest PE (hist)
9.52
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
13Jan20 07:00 RNS Year-end Trading Update
11Nov19 18:09 RNS Director/PDMR Shareholding
07Nov19 07:00 RNS Director/PDMR Shareholding
05Nov19 14:56 RNS Director/PDMR Shareholding
25Oct19 15:12 RNS Director/PDMR Shareholding
07Oct19 16:12 RNS Holding(s) in Company
27Sep19 15:40 RNS Exercise of Options, Issue of Equity and TVR
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  • 10 Jan 20
THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather includes everyUK quoted company. The ONS samples share registers every two years; our study uses six-monthly data points. Our survey also extends to shareholders on NEX; the ONS does not.

Companies: AVO AGY ARBB BUR CMH CLIG DNL FLTA GDR MCL NSF PCA PIN PHP RECI RMDL SCE SIXH SHED VTA

  • 17 Dec 19
Interims on track for strong FY 2020

Interim results to 31 October provide a solid platform for FY 2020 and beyond, marked by c.6% organic growth, which compares with c.11% in H1 FY 2019 and reflects the increased investments made in the business during the period. Revenues increased 42% to £11.45m with adjusted pre-tax profit up 27% to £1.52m and adjusted EPS growth of 28% to 1.70p. The results were characterised by strong operational cashflows, rising 32% (c.£0.5m) to £2.0m, with net debt falling during the period by £1.0m to £0.6m. We make only minor changes to our forecasts that reflect the adoption of IFRS 16 (leases) with EPS rising by 2% due to a lower FY 2020 tax rate. We reiterate our target price of 75p.

Companies: Scientific Digital Imaging
  • 16 Jan 20
Allergy Therapeutics - In-line trading update. Progressing peanut….

The six-month trading update to 31 December 2019 demonstrates solid underlying growth, with revenues rising 8% to £50.5m (c.9% at constant exchange rates (CER)). Period-end cash was £39.7m, which included £3.2m received in settlement of legal costs relating to the litigation with Inflamax and which is already factored into FY 2020 forecasts. This implied a c.55% increase in underlying cashflows to c.£9.1m in the period. The stock trades at a c.80% discount to its peer group in terms of EV/Sales, reflecting concerns over the failed Phase III PQ Birch study in Q1 2019, which we believe significantly undervalues the intrinsic value of in-market sales and the technology platform(s). We leave our forecasts unchanged for FY 2020 at this point and reiterate our 40p target price.

Companies: Allergy Therapeutics
  • 17 Jan 20
Nigerian approval of VISITECT

Omega announced that the Nigerian Ministry of Health has approved its VISITECT CD4 350 diagnostic test, thereby paving the way for first shipments to its distributor, which has already placed orders for 250k tests with a value of c.£1.0m. Pending confirmation of actual delivery dates, our forecasts assume c.£0.5m is booked in the current financial year, rising to c.£2m in FY 2021 as the expected approval of VISITECT CD4 under the WHO Pre-Qualification programme in 2020 will allow full procurement of the VISITECT CD4 Advanced Disease test by United Nations organisations. We leave our target price unchanged at 25p.

Companies: Omega Diagnostics Group
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP ESRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 13 Jan 20
Excellent final Phase IIb data sets an impressive marker

Today’s Phase IIb trial results investigating nebulized ensifentrine as a twice-daily add-on to a long-acting antimuscarinic bronchodilator (LAMA) in symptomatic patients with moderate-to-severe chronic obstructive pulmonary disease (COPD) are excellent and highly supportive of the overall drug’s profile. In the study, ensifentrine met its primary endpoint (peak FEV1 at week 4) for all doses, showing a dose-responsive statistically significant and clinically meaningful improvement of lung function and continued duration throughout the trial period. Ensifentrine also demonstrated a placebo-like tolerability/safety profile, and statistically met other secondary endpoints including a compelling and progressive improvement in patient quality of life. The latter point is particularly encouraging, given that 76% of patients on tiotropium1 remain symptomatic, adding support for ensifentrine’s longer term antiinflammatory effect. We believe these results concludes a comprehensive Phase II programme, and the company is in good stead going to an FDA End-of-Phase II meeting expected in Q2 2020 to clarify the clinical trial protocol of a Phase III programme. We expect a Phase III programme is begin in H2 2020 and we reiterate our positive stance.

Companies: Verona Pharma
  • 14 Jan 20
Taking on China

Shield Therapeutics (STX) is a commercial-stage company delivering specialty products that address patients’ unmet medical needs, with an initial focus on treating iron deficiency (ID) with ferric maltol. Recent news that the FDA had approved this drug for a broad indication opened up a market in the US currently worth over $1bn p.a. On 8 January, STX announced a development and commercialisation licence deal in China with Beijing Aosaikang Pharmaceutical Co (ASK Pharm), whose local expertise should support approval and deliver strong licensing income in what is the world’s second largest pharmaceuticals market.

Companies: Shield Therapeutics
  • 17 Jan 20
Focusing on core areas and liquidity

While Benchmark generated good FY19 performance in its Genetics and Animal Health divisions, previously flagged challenging conditions in Advanced Nutrition contributed to the acceleration of a restructuring process. This includes a vigorous review of non-core assets with a view to their disposal or closure, helping ensure the Group’s ongoing financial liquidity. Factoring in disposals and efficiencies, our new forecasts indicate liquidity within its NOK bond-lending covenant terms, supporting our 2020-22 sales CAGR estimate of 12%. Sales will be driven by launches of BMK’s innovative sea lice treatment BMK08, shrimp genetics products and sustained underlying performance.

Companies: Benchmark
  • 04 Dec 19
Cenkos: IXICO Plc -- Revenues growing and profitable

IXICO has reported a strong financial performance for FY19A built on continued commercial focus and a strengthened organisation. Revenues of £7.6m were up 40% and gross margin was up 600bps versus FY18A and the company delivered its first year of profitability since IPO. EBITDA of £0.5m was strongly ahead of our forecast (+£0.1m) and delivered an EBITDA margin of 6%. We have maintained our revenue growth expectations of 20% for FY20E and FY21E but have upgraded our profit expectations given the strong reported performance. We maintain our Buy recommendation.

Companies: IXICO
  • 06 Jan 20
WHI Corporate Sponsored First Light: Caretech (CTH) 231219

CareTech is a specialist social care and educational services provider across the UK. This morning, the Group has announced a £7.2m phased investment into the largest provider of private outpatient mental health services in the UAE. AS Group presently operates an out-patient facility in Abu Dhabi, alongside a number of mental health outpatient clinics, and already has an agreement in place with a leading NHS Foundation Trust Hospital in the UK. Given CareTech's depth of experience, the group will look to support the development of the existing services provided by AS, as well as expanding care pathways into specialist social care and special educational needs provision.

Companies: CareTech
  • 07 Jan 20
UK market leader Holland & Barrett is now distributing SlimBiome

OptiBiotix ("OPTI") has announced that Holland & Barrett, a global nutritional food and supplement retailer, has launched a new product range under the SlimBiome brand. The weight management products, which contain OPTI's proprietary weight management formulation, will initially be available on the Holland & Barrett website and physical stores in the United Kingdom, Republic of Ireland, Netherlands, Belgium and Sweden. The deal marks the 22nd commercial partnership for SlimBiome and the first with a major retailer, further validating SlimBiome's potential in the c.$25bn dietary weight management market. We note the significance of the SlimBiome brand being marketed by a global market player, further enhancing brand awareness among both consumers and other potential partners.

Companies: Optibiotix Health
  • 08 Jan 20
LIBERUM: Sensyne Health* - Major operational progress unjustly overlooked

Since foundation in mid-2018 Sensyne has signed deals with 5 NHS trusts to give it access to some of the best healthcare data globally. This has been validated by a deal with Bayer in its most important therapeutic area, with Cognizant in a field within which it is a global leader and with Roche to provide services the bears would suggest it already has in-house.

Companies: Sensyne Health
  • 13 Jan 20
Shield Therapeutics - Feraccru out-licensed in China

Shield Therapeutics has kick-started 2020 by securing an out-licensing deal in China for its primary asset, Feraccru/Accrufer. The exclusive deal with China-based Beijing Aosaikang Pharmaceutical (ASK Pharm) covers China, Hong Kong, Macau and Taiwan. ASK Pharm will complete any required clinical trials in China and file the marketing authorisation for the treatment of iron deficiency in all territories covered by the deal; we forecast China launch in 2023. Shield will receive an upfront licensing payment of $11.4m which, importantly, has extended the cash runway into 2021. The next key inflection point is a US partnering deal, which we assume will occur in the next 12 months; upfront payments from a deal will enhance Shield’s balance sheet further. We value Shield at £346.8m

Companies: Shield Therapeutics
  • 26 Apr 19
Cenkos: Diaceutics Plc - Optimising returns for big pharma

Diaceutics is a data analytics and implementation business servicing the global pharmaceutical industry. The shift to precision medicine is requiring pharma companies to develop sophisticated diagnostic strategies. Diaceutics has developed a unique data lake which enables its customers to successfully bring their therapies to market. Diaceutics has raised £17m gross of new equity in an AIM IPO.

Companies: Diaceutics
  • 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