Hybridan Small Cap Feast - 19 Sep 23

19th September 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 ob

Interims – solid revenue progress, margins held back

Underlying demand drivers remain in place and SUN continues to make solid progress in driving top line expansion, both in the UK and overseas, with revenue expectations unchanged. Whilst the recent setback to margins and profitability is frustrating, we believe the issues are temporary and should not detract from this. We feel the shares are fundamentally under-valued at current levels and restore our Buy rating, with a new TP of 2.4p.

Ongoing manufacturing issues impact margin

Whilst underlying demand drivers remain strong and FY23 revenue expectations are unchanged, ongoing supply chain disruption and legacy manufacturing productivity issues are dragging on margins. Mitigations and efficiency improvements are already being implemented, but will take time to come into effect. As a result the board now expects to report only a modest profit at the Adj EBITDA level in FY23 (vs SCMe £0.9m). We update our forecasts accordingly and expect further colour on the outlook for

Hybridan Small Cap Feast - 29 Mar 23

29 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

Moving from recovery to sustained growth & margin improvement

SUN’s FY22 prelims are in line with upgraded expectations, with revenues increasing by a notable 24%, taking the group back above pre-pandemic levels. Elective recovery remains patchy, but SUN continues to take market share by launching new products, opening new hospital accounts and new geographies. The outlook is reported to be positive and we make no change of our FY23 estimates, which look well supported. The group is now moving firmly towards sustained growth and margin improvement, and rem

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

FY22 update – revenues ahead of expectations

SUN continues to recover well, with increased market share in the UK and a strong pipeline of opportunities Internationally leaving the group well-placed for growth in 2023. FY22 revenues were some 5% ahead of expectations and up 20% YoY, back above pre-pandemic levels. Residual staff, supply chain and regulatory challenges should ease over the course of the year and we see grounds for increasing optimism as the year progresses. We nudge up our revenue forecasts by 5%, now forecasting a small PB

Hybridan Small Cap Feast 21/09/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150

Interims – recovery continuing

H1 saw a continued recovery in revenues, which are now comfortably back above pre-pandemic levels, despite some territories lagging. The group’s sustainability and cost-saving messaging looks to be increasingly resonating as health systems globally look to address the twin challenges of elective recovery and environmental impact. Some inflationary and supply chain issues have been experienced, although these are expected to ease in H2 as mitigations take effect. We make no change to our forecast

Positive AGM statement

The strong momentum from Q4-21 has continued into H1-22, with revenues expected to be up by more than 22% YoY. The outlook remains positive supported by strong industry demand and market share gains in the UK, where the group’s sustainability and affordability credentials are increasingly resonating. Whilst some macro pressures remain, these look to be manageable. We therefore make no change to our forecasts at this stage, but are highly encouraged by current trends and remain optimistic for the

Business recovering nicely – strong start to FY22

SUN is recovering well, reporting FY21 results in line with expectations. These saw revenues increasing by 44% YoY, albeit still below pre-pandemic levels. A strong recovery in volumes in Q4 has persisted into Q1 and the business has made a strong start to FY22, with revenues up 40% YoY in the first two months. We reinstate forecasts, cautiously looking for a return to pre-pandemic revenues this year with upside potential if volumes continue to recover. New growth initiatives, such as the recent

In line FY21 trading, well set when Omicron subsides

SUN continues its stop-start recovery from the worst impacts of the pandemic. H2 revenues were 16% up on H1, with overall group sales recovering to 90% of pre-pandemic levels in Q4 as the delta wave subsided. That was however prior to the impact of the omicron wave which has again placed strain on hospitals, with increased admissions and staff absences placing renewed pressure on elective volumes globally. Whilst that looks likely to impact on Q1 revenues, a gradual recovery is expected from Q2

Interims show recovery, but stop-start in nature

Interims show a sharp recovery in revenues (+63% YoY) and a continued improvement into H2, albeit with the caveat that visibility remains limited in the short term. The building blocks are in place for a strong growth story, but this remains dependent on elective surgery volumes normalising over a consistent period. At the moment, the recovery is somewhat stop-start in nature, hence we cautiously reinstate FY21 estimates, but leave outer years withdrawn for now.

Increasingly well placed for post-pandemic world

SUN’s AGM statement paints a picture of a business recovering well after the challenges posed by the pandemic. It has successfully won new accounts in the UK and US on the back of its strong environmental and health economic credentials. These look to be increasingly resonating and are laying the foundations for a powerful growth story as elective surgery volumes recover. This should be sustained into the medium term as healthcare systems around the world look to reduce waiting times, costs and

Small Cap Feast: 22/06/21

Joiners: Thor Explorations (TSXV:THX;THX.L) has completed a secondary listing on AIM. . Segun Lawson, President & CEO, stated: "Today's admission to the AIM market of the London Stock Exchange represents another milestone in the development of the Company, offering wider access for investors as we progress through a transformational period in the Company's development. We continue to focus on pouring first gold at the Segilola Project in Nigeria in July 2021, targeting publication of a Maiden r

SkinBioTherapeutics - FY23 results

SkinBioTherapeutics has published results for the 12-months to June 2023, reporting AxisBiotix-Ps revenues up 77% YoY to £132k and an improved gross margin of 65% (FY22A: 61%). Operating costs were stable and the operating loss was flat YoY at £3.0m. Cash at the year-end was £1.3m and subsequently the company raised c£3.3m gross via a placing and retail offer. We have introduced FY24 forecasts with this report, expecting continued growth in AxisBiotix-Ps revenues supported by territory expansion

Fundraising looks well supported

RUA have announced, subject to shareholder approval at a General Meeting, the intention to raise equity via the combination of an institutional placing of shares, a subscription by certain directors and a retail offer. While the minimum gross proceeds are expected to be at least £4.1m, the full amount raised will be fluid until after the retail offer and shareholder approval. The final proceeds raised should be known after the outcome of the Retail Offer is announced on 8 December, and sharehold

RUA Life Sciences - Billion-dollar markets

RUA Life Sciences is developing products targeting billion-dollar global healthcare markets, which, if successfully commercialised it will generate significant value for the company. The current raise will support the business as it seeks to deliver the growth opportunities within its Contract Manufacturing business unit and commercialise and partner its lead vascular graft products and its heart valve leaflet composite material. We believe the company offers an attractive combination of establi

FY23 results: consolidation and cash generation

For the year to 30 September 2023, Benchmark Holdings reported revenue FY23 of £169.6m, +7.5%YoY (currency adjusted +7%YoY) which was 0.7% below our outlook, and adjusted EBITDA of £35.5m, +9%YoY, 5% above our outlook. Net operating cash of £20.0m was almost double FY22 (£10.8m) with a notable improvement in working capital management from £(12.0)m to £(1.0)m underlining efforts to control costs and improve operational efficiency. Net debt was £45.6m, with year-end cash at £36.5m. The Group rep

Hybridan Small Cap Feast - 01/12/23

1st December 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 obje

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk

Cambridge Nutritional Sciences - H1 2024 interims: Executing a newly focussed st

Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We

5 Small caps to Buy - August 2021

Historically, small caps stocks have outperformed larger listed companies after economic downturns and this trend is ringing true once again, with smaller stocks offering better returns in the wake of the Covid-19 pandemic. It is currently an exciting time to be invested in smaller companies and for those with a keen eye for detail that can identify companies with financial strength and strong management teams, there is potentially lots of upside available.

Bio-detection becomes a commercial reality

Recent new contracts show that Kromek’s investment in bio-hazard detection technology is becoming a commercial reality. On 26 October the Group received a US$5.9m (£4.84m) contract from the US Department of Homeland Security Countering Weapons of Mass Destruction (CWMD) Office - the first for Kromek - to research and develop technologies for agent-agnostic bio-detection. On 31 October Kromek announced 3 more orders for CBRN detection worth a total of US$1.0m (£0.82m), most of which is expected

4basebio - Interims – scaling to meet anticipated commercial traction

4basebio’s half-year results for the period ended 30 June 2023 reflect continued progress towards its main objective of producing GMP-grade synthetic DNA, with a focus on building out its commercial footprint. It generated revenues of £0.24m (+57%, with all growth coming from the sale of DNA and Hermes™ nanoparticles) with an adjusted net loss of £3.5m (H1 2022: £2.4m, +46%) and period-end cash of £3.6m, having drawn a further €4m from its €23m loan facility that gives it a cash runway into 2025

Morning Note – 1 December 2023

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 wi

Hybridan Small Cap Feast - 15 Mar 23

15 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

Centene Corporation: Initiation of Coverage – Recent Restructuring & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (03/23)

This is our first report on Centene Corporation, one of the largest health insurance players in the U.S. Centene had a successful year in 2022 and ended it on a positive note with an all-around beat. The company faced a number of difficulties, including a leadership transition, organizational structure change, modernization of corporate governance approach, concentration on core business, better operations and quality, and on-time financial obligation fulfillment. Total revenue grew by $3 billio

Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Agronomics, Eden Research, IXICO, HeiQ, Trellus Health, NetScientific, Circassia, 4basebio, Fusion Antibodies, Surgical Innovations Group, Yourgene Health, Abingdon Health, Verici Dx, Poolbeg Pharma, Omega Diagnostics