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

Emerging stronger and ready to capitalise

FY20 results reflect the severe impact on the company from the reductions in elective surgeries around the world. However, the business has weathered the storm and looks to be in a stronger position to capitalise when activity levels normalise, especially given pent up demand. In recent months, management has moved to position the business to benefit when this recovery comes, including taking market share by winning new accounts in the UK, completely rebuilding its routes to market in the US, st

Small Cap Feast

Cornerstone FS to join AIM, an SME focused, cloud-based provider of international payment, currency risk management and electronic account services focused on removing the complexity of international payments for customers. Raising £2.2m. Mkt Cap £12.3m. Due 18 Mar. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equ

Strategically important US distribution deal

Hot on the heels of signing up Adler as US distributor for its range of surgical instruments, SUN has further strengthened its US market position by appointing Microline Surgical to distribute its range of port access devices and trocars. This is a five year exclusive agreement and comes after SUN achieved 510k approval for its Yelloport Elite device in late 2019. This opens up a ~$380m market opportunity for SUN and even modest penetration would result in material additional revenues over the n

Small Cap Feast

AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, in

Small Cap Feast

Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for

Clean exit from ADL Health

EKF has announced a clean solution has been found for the non-core Laboratory Testing business ADL Health, selling the business back to one of its management team. Having pared back our estimates for this division in February, we expect no further material impact on earnings from this move. Strategically, we view it as positive, removing a distraction and further re-focussing activities back towards the core established Point-of-Care & Central Labs business and the growing new Life Sciences acti

SHORE CAPITAL - Destiny Pharma plc+ (DEST, House Stock at 30p)

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

LIBERUM: Futura Medical* - Eroxon live in EU, FDA decision now Q2

Hybridan Small Cap Feast - 23 Mar 23

23 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

Positive momentum persists

2022 was a pivotal year for NIOX as it moved firmly into sustainable profitability and cash generation. The foundations for a scalable platform are now well-established and the group enters 2023 with strong momentum (revenues in the first two months of the year were +19%). Having upgraded our forecasts following the trading update in January, we push through further EBITDA upgrades on improved margin assumptions. NIOX is a rare asset and fully deserves a premium rating. We stay at Buy, with an i

Tissue Regenix - FY 2022 – a pivotal year to a sustainably profitable business

Tissue Regenix reported full-year results to 31 December in line with its January trading update that indicated it had reached EBITDA profitability in Q4. What was undisclosed then was that it included a $0.45m provision, without which it would have generated an adjusted EBITDA of c.$0.4m in H2, illustrating the positive underlying progression to a profitable and sustainable growth company. The outlook remains positive – new products, new geographies and additional distributors/strategic partner

FY22 in line – focus on core increasing

FY22 results are in line with revised estimates. Management continues to intensify its focus on the growing, profitable and cash generative Point-of-Care and Life Sciences activities, where confidence in the latter opportunity is increasing. We make some modest changes to our forecasts to reflect further streamlining post-period end and point to the strong growth outlook from FY24 onwards. We believe this is being overly discounted by the market and view the shares as being in deep value territo

Morning Note – 27 March 2023

Hybridan Small Cap Feast - 21 Mar 23

21 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Hybridan Small Cap Feast - 24 Mar 23

24 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

Morning Note – 21 March 2023

SHORE CAPITAL - Warpaint London+ (W7L, House Stock at 198p)

Destiny Pharma - Positive Phase II data with XF-73 published in medical journal

Destiny Pharma announced the publication of Phase II data with anti-bacterial drug XF-73 nasal gel in the peer-reviewed medical journal, Infection Control & Hospital Epidemiology. The data showed that XF-73 treatment in an 83-patient study resulted in a >99% reduction in nasal Staphylococcus aureus burden (after three applications of nasal gel 24 hours prior to surgery) measured 1 hour prior to cardiac surgery, which was the primary end-point of the study. The data are consistent with previous s

Hybridan Small Cap Feast - 14 Mar 23

14 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv