Core ahead of expectations, growth initiatives progressing but more slowly

EKF has issued an FY22 trading update, with the established Point-of-Care and Central Lab segments growing strongly and ahead of expectations, but growth initiatives coming through slower than forecast. CEO Mike Salter has stepped down, but will remain with the group to focus on delivery of the latter, with Julian Baines returning temporarily as Exec Chair whilst a new permanent CEO is recruited. We pare back our growth expectations in FY23, with additional cost saving measures underway to prote

Positive full year update highlights upside risk

VLG has reported a positive year end update after a strong Q4 performance, particularly across its Customer Brands division. The team at Biokosmes delivered an exceptional year, helping to protect key customers against the ongoing supply chain difficulties. This performance puts VLG on track to at least deliver FY profit expectations, and we have upgraded FY22 EPS by 5.5%. While we make no changes to FY23 forecasts at this stage, on balance we see risk to the upside. On just 5.0x EV/EBITDA, and

Kromek - Interim results – strong revenue growth

Kromek reported interim results with revenues up 44% to £6.8m, an EBITDA loss of £2.7m and period-end cash of £1.0m. A record order book and good visibility over our FY 2023 revenue forecast of £18m (c.91% of which 84% is already contracted or shipped) should still deliver a positive EBITDA in H2, but given inflationary cost pressures and a negative FX impact on translated US costs, it is unlikely to offset the H1 loss as previously anticipated. We reduce FY 2023 EBITDA and PBT by £2.4m and £2.8

Hybridan Small Cap Feast - 25 Jan 23

25 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

Tissue Regenix - Initiation of coverage – positive FY 22 trading update

Tissue Regenix is a commercial-stage regenerative medicine business with a broad range of products targeting large addressable markets in orthopaedics/sports medicine, biosurgery and dental. Its differentiated product portfolio is underpinned by two proprietary processing technologies (BioRinse® and dCELL®) that deal with the repair or replacement of bone and soft tissue (e.g. skin, tendons). Its last trading update was positive, indicating 24% (26% CER) revenue growth in 2022 and a move into EB

Morning Note – 31 January 2023

Hybridan Small Cap Feast - 17 Jan 23

17 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

Confirming further upgrades post positive update

At the trading update earlier this week, NIOX indicated FY22 EBITDA would be around £7.0m, ~15% ahead of already upgraded expectations, with net cash coming in at £19.4m. This was driven by 15% underlying revenue growth, improved gross margins on mix and ongoing operational efficiencies. We formally update our estimates in this note, increasing our FY22 PBT/EPS forecast by 20% but, prudently, leaving FY23/24 unchanged for now. The outlook remains positive with latent growth potential in the US a

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

Hybridan Small Cap Feast - 19 Jan 23

19 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

Hybridan Small Cap Feast - 26 Jan 23

26 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

Hybridan Small Cap Feast - 20 Jan 23

20 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

Hybridan Small Cap Feast - 30 Jan 23

30 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

Hybridan Small Cap Feast - 03 Feb 23

03 February 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 objec

In line Q4; opportune time to capitalise the Swiss giant’s sell-off

Q4 sales met expectations, with both Pharmaceuticals and Diagnostics witnessing healthy growth, excluding receding COVID-19 testing tailwinds. In Oncology, newer drugs largely compensated for sustained biosimilar erosion for off-patent drugs. Other areas, including Neuroscience and Haemophilia, also contributed healthily. However, 2023 guidance was weak, because of the declining COVID-19 business contribution. Now all eyes are on recently-approved drugs and late-stage pipeline candidates. Overal