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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.

Open
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Range Today
N/A
52 Week
1.90/4.15p
Daily Volume
N/A
# Shares
792.1m
Daily Liquidity
(0.00%)
Pension Liability
£0m
Enterprise Value
£15.4m
Market Cap
£15.0m
Latest PE (hist)
9.52
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
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
17Sep19 07:00 RNS Half-year Report
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  • 02 Dec 19

Acquisition – 7% accretive in first full year

SDI has announced the acquisition of Chell Instruments; paying c.£4.3m for the business (FY 2018 EV/Sales and EV/EBIT of 0.9x and 5.5x) funded from cash and a new debt facility with net debt at year-end now expected to be c.£5.0m. SDI has shown that it can source and execute another accretive acquisition in what was a competitive tender bid process. We expect the acquisition to be c.7% accretive to EPS in FY 2021 and raise our target price by 25% to 75p to reflect the accretion as well as rolling forward our target year, implying an EV/EBITDA of 11.9x and adjusted P/E of 17.3x.

Companies: Scientific Digital Imaging
  • 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
  • 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 SRE 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

  • 02 Dec 19

Cenkos: Creo Medical Group Plc - Cutting edge

Creo Medical continues to make strong progress on both development and commercial fronts. Following its direct entry into the US, the company recently reported its first commercial revenues from that market, building upon the broad commercial reach developed via its signed-up distributor network. While lead product, Speedboat, is making commercial progress, Creo expects to launch a further four endoscopic instruments on the CROMA Advanced Energy platform during 2020, significantly expanding the utility of the generator. To maintain this momentum, Creo Medical has announced it has conditionally raised £43m via an equity placing and will supplement this via an open offer to qualifying shareholders. We maintain our Buy recommendation.

Companies: Creo Medical Group
  • 06 Dec 19

H1 results: adjustments to clinical programmes

ReNeuron has announced its H1 2020 results; financials are slightly ahead of our expectations related to the identified slower recruitment of the Phase III PISCES trial. ReNeuron has made a number of positive clinical trial protocol changes to both the CTX and hRPC programmes to boost enrolment and accelerate clinical development, respectively, and we have included these changes into our forecasts.

Companies: Reneuron Group
  • 03 Dec 19

SP Angel Healthcare Conditions

Collagen Solutions (COS.L): Interim results | Genedrive plc (GDR.L): Hearing loss assay kit demonstrates high clinical accuracy

Companies: Collagen Solutions Genedrive

  • 05 Dec 19

US licensing deal: Major Opportunity Within LupuzorTM Unlocked

ImmuPharma announced a major US licensing deal on 28 November 2019 with Avion Pharmaceuticals (“Avion”), a US specialty business that has a focus on Rheumatology, Women’s health (Lupus afflicts women more) Dermatology and other therapeutic areas. Avion have a strong marketing and commercialisation operation (with over 100 specialist sales reps). Avion has exclusively in-licensed LupuzorTM for the US market for Lupus (SLE) and other indications and agreed to fund an international Phase III clinical trial for up to US$25m. In addition, Avion will pay up to US$70m in milestones and a royalty stream tiered to 17% has been agreed. We have always believed that ImmuPharma could deliver such a successful deal for the US market (given the track record of the previous deal executed with Cephalon). This deal with Avion was aided by the strength of the clinical data (and safety profile) from the Phase III trial announced last year. Our detailed analysis of the respective cohort data, driven by the performance of the peptide in the auto ds-DNA antibody positive patients validated our assumptions of the value of LupuzorTM. We now see LupuzorTM as having the ability to generate blockbuster sales in the US (US$1bn+) alone (previously US and EU combined) – which when coupled with a royalty stream of up to 17% on revenues, could see an annual royalty to ImmuPharma’s bottom line of US$170m per year. What is particularly impressive about this deal is not only ImmuPharma’s ability to identify and execute a new licensing partner for LupuzorTM but also the opportunity available for ImmuPharma to find new distribution and marketing partners outside the US for LupuzorTM, for e.g. in Europe, where a new trial would not even be required given Avion’s funding commitment. This means that there is a distinct possibility that further licensing deals could follow bringing in an attractive additional royalty stream, and additional upfront and milestone payments. Outside of LupuzorTM, we believe that ImmuPharma has the potential to generate news-flow on its other pipeline assets including Nucant and UreKa. Based on the financial assumptions for this deal, and a lower risk profile (reduction in risk premium in our DCF model) we increase our target price (which is 50% discounted) from 76p to 100p / share. BUY.

Companies: ImmuPharma
  • 05 Dec 19

Avacta Group - Executive interview

In this video, Alastair Smith, CEO of Avacta Group, discusses the progress the company has made this year. This includes new and expanded partnerships, operational and financial achievements, and the advancement of AVA6000 towards the clinic.

Companies: Avacta Group
  • 28 Nov 19

LIBERUM: Futura Medical* - December data could be game-changing

Futura is set to report headline data from its P3 FM57 study in erectile dysfunction (ED) in December. We believe that the trial is significantly de-risked and hence estimate a >70% probability of some form of positive outcome.

Companies: Futura Medical
  • 04 Dec 19

Proving the accuracy and superiority of minibeams

The goal of Advanced Oncotherapy (AVO) is to deliver an affordable and more effective proton beam therapy (PBT) system, based on state-of-the-art technology developed originally at the world-renowned CERN. In the past 18 months, the project has been de-risked through important technical milestones. AVO is now working on the verification and validation phase, prior to CE marking and LIGHT being used on the first patients. Meanwhile, AVO has entered into a research collaboration with the Cleveland Clinic aimed at proving the accuracy of targeting cancerous tissue, and sparing normal tissue, with proton minibeams in comparison with other methodologies.

Companies: Advanced Oncotherapy
  • 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
  • 02 Dec 19

Interims – VISITECT CD4 starts to deliver on potential

Interim results were in line with the 22 October trading update, reflecting the financial benefits of closing its German business and selling the infectious disease business. Revenues from continuing operations increased 6% to £4.5m, largely reflecting the growth in Food Intolerance (+6% to £4.1m). This resulted in an adjusted EBITDA and pre-tax loss of c.£0.25m (vs. -£0.3m) and c.£0.35m (vs. -£0.5m), respectively. Omega also announced a further order from Nigeria for VISTECT CD4, which is contingent on approval in that market, but could be shipped by the FY year-end. We are not changing CD4 forecasts at this time until there is clarity over MoH approval. We make minor changes, however, to our FY forecasts to reflect the adoption of IFRS 16, which reduces adjusted pre-tax profits by c.£60k in both years. Year-end net debt is unchanged at c.£0.8m. We leave our target price unchanged at 25p.

Companies: Omega Diagnostics Group
  • 03 Dec 19

Cenkos: Collagen Solutions Plc -- Continued momentum

Collagen Solutions has reported results for the six-months to September 2019 (H1/20). As announced with the October Trading Update, revenues grew 14.4% to £2.23m for the period. Revenues were driven by the Core business which delivered 56% growth. The business acquired four new contracts and ten new customers during the period. The company remains engaged with its notified body in relation to ChondroMimetic, with the changing medical device regulatory environment limiting visibility on the timing of approval. We maintain our Buy recommendation.

Companies: Collagen Solutions
  • 28 May 19

Disease Modification in a Spectrum of Severity for Lupus Patients

ImmuPharma is a European, late-stage biotechnology company, focused on delivering major new autoimmune therapies. It is developing the novel drug LupuzorTM (forigerimod) a first-in-class autophagy modulator, a late-stage asset with blockbuster potential, that has already shown itself to be safe across multiple trials in what now amounts to hundreds of lupus (Systemic Lupus Erythematosus, SLE) patients. The drug (LupuzorTM) was previously licensed to Cephalon (now Teva) for US$45m (upfront and option), US$500m in potential milestones and a high double-digit royalty stream before regaining global rights. The heterogeneity of lupus disease can be viewed as a spectrum of severity in patients, thus identifying and classifying the disease itself, opens up the opportunity for ImmuPharma to pivot and drive towards a precision-medicine biomarker approach and to provide a stratified disease approach that could help to improve healthcare economics for payors. We initiate with a BUY rating based on what we believe are strongly oversold shares and a target price of 92p.

Companies: ImmuPharma
  • 09 Jul 19

Rare ‘hi-growth disrupter’ at modest price

Given the S&P500 is within a whisker of all-time highs, it is virtually impossible to find undervalued, high quality, growth stocks - especially those possessing ‘disruptive’ technology and addressing $bn end-markets. However we think Kromek, a leading next generation radiation detection business, is one. Today it posted FY19 turnover up 22.6% LFL to £14.5m (vs £11.8m LY), alongside a 4-fold increase in EBITDA (pre SBPs) to £2.0m (£0.5m). Better still momentum accelerated throughout the period, with H2’19 EBITDA coming in at £2.5m (margin 23.3%) on sales of £10.8m (£7.0m LY).

Companies: Kromek Group