Morning Note – 25 April 2024

Bioventix - Laying out the longer-term opportunity in Alzheimer’s Disease

The clinical diagnosis of Alzheimer’s Disease (AD) continues to be a highly challenging endeavour and existing gold standard diagnostic techniques (PET scans, CSF analysis) are limited by their cost, lack of access and perceived invasiveness. As the therapeutic landscape of AD evolves so too are the tools being developed to diagnose and monitor AD in clinical practice and blood-based AD tests represent potentially more sustainable, scalable and economically viable approaches to future AD managem

Morning Note – 25 March 2024

Bioventix - H1 2024 interims – All steady as profitable growth continues

Bioventix has published its H1 2024 results to end December 2023, delivering a strong set of interims with continued growth in profitability and free cash flow generation. Revenues grew by 13% to £6.7m with the company’s continued healthy operating margins translating into adjusted EBITDA (ex. share-based payments) growth of 12% to £5.3m. In line with management’s policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 68p was declared (+10%), with net cash at period end of

Morning Note – 30 October 2023

Bioventix - FY 2023 - small beat; upgrades to EPS and target price

Bioventix reported revenues and adjusted pre-tax profits 1% and 2% above our forecasts, with adjusted EPS 7% above forecasts due to a lower estimated tax rate of 17%; driven by 9% revenue growth (10% for the continuing product/royalty base). Bioventix remains strongly cash generative, which drives a 90p (+22%) final dividend and full-year dividend of 152p. Troponin is now the 2nd largest contributor to revenues, rising 30% to £1.61m and showing 11% sequential 6-monthly growth; regaining its mome

Morning Note – 27 March 2023

Bioventix - Interims – a strong start to the year underpins FY forecast

Bioventix delivered a strong set of interims, with revenues up 25% to £5.9m, adjusted EBITDA +24% to £4.7m and adjusted pre-tax profit up 26% to £4.6m. Due to a weaker GBP, translation of overseas revenues boosted revenues by c.9% (c.£0.4m), implying a still strong 16% CER growth rate. In line with its policy of maintaining c.£5m cash on the balance sheet, an interim dividend of 62p was declared (+19%), with net cash at period end of £5.15m. Revenue growth was well balanced, with troponin revenu

Rude Health - finnCap Life Sciences quarterly sector note

Probably worse before it gets better. As the bear market in biotech and healthcare generally continues to be deeper and more prolonged than any cycle before – and this has occurred in the US, Europe and the UK and for the first time also in Asia – unfortunately it is possible that it could get worse before it gets better. So close to the year-end, it is unlikely that the outlook for raising funds will improve in the very short term. Further, as companies report end-of-year results in early 2023,

Morning Note – 24 October 2022

Bioventix - Strong FY 2022 drives 18% FY 2023 upgrades

Bioventix delivered 14% adjusted PBT and EPS growth despite the end of their NT-proBNP contract and the resultant loss of £1.2 in royalties (13% of FY 22 PBT), with adjusted pre-tax profit some £1.5m (18%) above expectations at £9.5m. This was driven by 17% revenue growth in H2 (vs -8% in H1), indicative of a return to pre-pandemic testing volumes and the rising influence of troponin on growth; resulting in FY 2022 revenues +7% to £11.7m. Our analysis suggests that adjusted EBIT increased 14% (5

Morning Note – 14 September 2022

Morning Note – 28 March 2022

Bioventix - Interims – evidence of strong underlying performance

This was always going to be a tough comparable, given the NT-proBNP licence expiration. However, Bioventix delivered a very credible set of interims given the ongoing impact of COVID-19 on the broader IVD market. Revenues declined 8% (£0.4m), resulting in an adjusted pre-tax profit and adjusted EPS falling 4% (£0.15m) to £3.6m and 59.3p, respectively. Stripping out the NT-proBNP effect, the underlying strength of the business is reflected in 4% revenue and 13% adjusted PBT growth. An interim div

hVIVO - Introducing 2025E; HSD sales grth/margin expansion expected

Post further analysis of the FY 2023 results on 9 April 2024, we are establishing FY 2025 forecasts, as well as modifying our forecast adjusted net profit/EPS figures for 2024 and 2025 to reflect the accounting of the deferred tax asset. Our 2025 forecast calls for 9% growth in customer revenues, stable other operating income (largely R&D tax credits) vs 2024, EBITDA margins going back to the 23% level (after a slight contraction in 2024 to reflect 3 facilities being run in parallel for part of

Elixirr - Outperforming competitors and the global Consulting market

Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi

Morning Note – 22 April 2024

City of London Investment Group (CLIG LN) - 3Q IMS: return to growth

CLIG’s 3Q IMS reveals 5.5% rise in FuM in the first three months to March 2024 to US$10.1 billion. In the quarter performance added US$302m and group net inflows were US$224m.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Solid close to FY24

LIBERUM: Science Group: The Science of shareholder value

SP Angel Morning View: Gold prices slide following profit taking as traders look to US data

LIBERUM: MindGym: Delivering on the controllables

hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

Malvern International - Positive results confirm turnaround on track; cash-generative and a strong bid pipeline

A positive trading trajectory for MLVN has continued to emerge strongly in this morning's results, with FY23A revenues standing at £12.2m (FY22A: £6.3m / +79%) and £0.2m PBT profit as against a £1.1m PBT loss the year before (excluding a £94k fair value movement / loan write back). MLVN provides education services including (1) a range of university-related courses for overseas students, (2) adult ELT and (3) summer schools for juniors. MLVN's contract with the University of East London (UEL) st

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

Hybridan Small Cap Feast - 25 April 2024

25th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Smart Metering Systems (SMS.L) has delisted from the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar

Allenby Capital: Skillcast Group - Finals

Skillcast Group plc (SKIL.L) has reported strong FY 2023 results essentially in line with prior guidance, albeit slightly better than expected at the EBITDA level. The solid top line yoy growth of 15% was driven by the 28% growth in the recurring revenues Subscription business which now accounts for 76% of Group revenues. This growth more than offset the expected 12% contraction in non-core Professional Services revenues. After an EBITDA loss of £0.75m in H1, a move to EBITDA profitability of £0

Morning Note – 26 March 2024