FY23 results – pivotal period ahead

With the signing of a large-scale pilot contract with United Healthcare in February, Trellus is entering a key period in its development. Patient enrolment is underway and both management and the partner are reported to be encouraged by early adoption trends. It is well capitalised, with $12.2m in cash as at the end of Dec-23 and has completed development of an enterprise technology platform capable of being used at scale. The cash runway has been extended to mid-2025, providing management with

FY22 prelims – cash ahead, pivotal year in store

2022 was an eventful year for Trellus, with the launch of the platform and first (modest)revenues generated. Y/E cash of $19.1m was around $2.0m better than our expectations and gives Trellus a cash runway into 2025. The company is now embarking on commercialisation, with the first B2B2C contracts signed and paying subscribers onboarded to the platform. Building a body of RWE is critical to future business development activities around rolling the platform out at scale and active discussions con

Trellus IBD now available via GI OnDEMAND

Trellus has announced its IBD solution has been made available on GI OnDEMAND, the leading multidisciplinary care platform for patients with GI conditions. The Trellus solution will now be actively marketed to over 16,000 GI physicians across the US, and in turn to the millions of patients they support. It is a key plank of management’s strategy to open up the D2C channel and, whilst there are no guarantees, it should be supportive to growth from FY23 onwards. In turn, the Real World Evidence ge

Two B2B2C contracts signed with Mount Sinai

Trellus has signed two contracts with the Mount Sinai Health System to make its IBD solution available to Mount Sinai employees and members of a large NY state labour union via funded wellness programmes. These contracts were referred to in the recent Interims results and support the company’s strategy of opening access to patients to expand the roll out of its solution. This is a positive step and illustrative of the renewed momentum under the new management team. We look forward to further upd

Cash runway extended, multiple near term opps

The incoming new management team at Trellus has acted swiftly to reduce cash burn, extending the runway to early 2025. The company is now transitioning to a revenue-generating business, with the first paying members enrolled post-period end and multiple near term commercial opportunities across its D2C and B2B2C offerings in the advanced stages of finalisation. These should unlock access to substantial patient populations, accelerating adoption of the platform, commercialisation and, ultimately,

FY21 in line, strategy further refined

FY21 results are in line with expectations, with the business laying the groundwork for market penetration and revenue growth. The D2C model was launched post-period end in Q1-22 and a strong pipeline of pharma co’s and patient advocacy groups are looking to sponsor access to the platform. The B2B contracting process continues to frustrate however, so management has refined its delivery model to enable faster customer acquisition with a more flexible cost base. In conjunction, planned expansion

Connecting the whole patient: DTC

Today’s announcement on the launch of the Direct-to-Consumer (DTC) offering in the United States is a further endorsement of continued operational progress. The DTC launch is initially focussed on the states of New York, New Jersey and Connecticut, with plans to further expand in the short term to more than 20 states. This should help accelerate adoption and the generation of real world evidence to support business development activity.

Updated roadmap to scale in FY23

Trellus has made strong strategic and operational progress since its IPO in May 2021 and the route to scaled commercialisation is becoming clearer. Commercial launch is now expected in January, with the initial roll-out of the platform for patients with the Mount Sinai employee health plan. Behind this is a pipeline of potential B2B payer contracts, with several in late stage negotiation. The company is also bringing forward its DTC offering which should help accelerate adoption and the generati

Hybridan Small Cap Feast 16-09-2021

Joiners No joiners today. Leavers No leavers today. What’s cooking in the IPO kitchen? Peel Hunt, a UK mid and small-cap specialist investment bank, announces its intention to seek admission of its ordinary shares to trading on AIM. Admission is expected to take place on or around 29 September. In conjunction with a placing of Ordinary Shares the Company will be conducting an intermediaries offer. Oxford Nanopore Tech—expected intention to float on the LSE (Standard). The company behind a

Latest partnership opens up multidisciplinary care

The agreement announced today partners Trellus with a licensed multidisciplinary care team employed by Connected Health that has been trained to use Trellus’s proprietary GRITT™ resilience building methodology to deliver first-in-class digital-enabled chronic condition care management services via. the TrellusElevate™ platform. This agreement, like more that are expected to follow, was earmarked in the admission document, and adds the licensed clinical infrastructure to deliver digital-enabled c

First demo. contract sets motion for future growth

Today’s announcement marks the signing of Trellus Health’s first demonstration project to use its TrellusElevate™ platform amongst a health plan and is in line with the company strategy outlined at IPO. The agreement with Mount Sinai Health System’s employee health plan aims to initially recruit and engage with 25 Inflammatory Bowel Disease (IBD) patients, to provide a framework for future contract expansions in 2022. The project will produce data on patient recruitment, engagement and programme

Connecting the dots - first-to-market health solution

Trellus Health is a provider of a connected health solution for chronic condition management. The TrellusElevate™ platform coordinates and supports the delivery of resilience-driven care using digital tools and a proprietary methodology validated in clinical practice at Mount Sinai. Trellus will initially target the Inflammatory Bowel Disease (IBD) US market (total costs >$45bn pa). The scalability of the opportunity looks compelling, and a pipeline of demo. projects are expected to begin in 202

Pennant International - Software launch underpins revenue shift, material prospects despite tricky timeframes

This morning's update from PEN highlights major developments on the software front, where the latest version of its successful GenS product, which supports the maintenance of key assets, was launched as flagged at the end of April, to be followed by the integrated solution in Q4 – encouraging developments given the high gross margins available to PEN in these product areas. The company provides software / integrated product support solutions to an extensive client list of OEM's and governments,

LIBERUM: Cerillion: Another half, another contract win

Allenby Capital: EnSilica plc - Update

EnSilica has released a trading statement for the 12m period ending 31 May 2024. The Company expects to report revenues for the period of approximately £25m (Allenby forecast £22.9m), equivalent to year-on-year (“YoY”) growth of 22.1%. Whilst a change in sales mix against expectations has resulted in lower EBITDA margins, hence EBITDA is expected to be £1.8m against our forecast £2.5m, a lower than expected D&A charge and higher tax credit has resulted in the Post Tax Profit expectation of £1.9m

Morning Note – 16 May 2024

LIBERUM: TruFin: Milestone moment

FY24 EBITDA sprints ahead

Executing

Auction Technology Group - H1/24 Interim results; VAS revenue growth showing thr

H1/24 interim results for the six-month period to 31 March 2024 reported revenue of $86m, a 6% increase on H1/23 and in line with the April 2024 trading update. The EstateSales.Net (ESN) marketplace, acquired in 2023, performed well in the period, driving a 17% increase in A&A marketplace revenue, despite weaker A&A end-markets. Total marketplace revenue increased 2% on an organic basis, driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (ma

LIBERUM: CEO Video: Louis Hall, Cerillion:

NCC Group (NCC LN) - Initiation: Transformation

We initiate coverage of NCC Group, a well-respected provider of cyber security and software escrow solutions. In FY23, the company experienced a significant market pullback that revealed operational deficiencies. The company appointed a new CEO, who introduced a turnaround strategy in January 2023. We believe the ongoing improvements are transformational and consensus expectations underestimate NCC’s revenue growth and margin potential. In addition, shares trade below historic multiples and thos

itim Group - Full year results illustrate positive momentum as profit focus bears fruit

itim is a disruptive SaaS and services platform that enables store-based retailers to implement a proven Omni-channel solution. This morning, the group has reported full year results to 31 December 2023, in line with February's trading update and with significant progress in product development and notable contract wins post-year end. Revenue in the year increased 15%, primarily driven by a 54% increase in service revenue, as itim looked to shift its focus from subscription growth to paid-for se

1Spatial - Investing in the transformational SaaS opportunity

1Spatial’s FY24 results reflected robust momentum for the enterprise business and continued improvement in the revenue mix, with investment in growth suppressing margin and cash generation. This investment phase will continue in FY25 to lay the foundation for transformational growth from 1Streetworks and in the US in the coming years. Our scenario analysis indicates the upside from successful execution is significant, with further wins for 1Streetworks and in the US being the key catalysts for m

Intelligent Ultrasound Group - FY23: A year of important progress

Intelligent Ultrasound has reported its results for the 12 months to December 2023. In line with the January trading update, the company has reported group revenues of £11.2m, up 11% reported or c36% adjusting for one-off sales in FY22. Importantly, the company generated £2.0m from its Clinical AI product portfolio versus £0.7m in FY22 and we note GE HealthCare has expanded the range of Voluson ultrasound machines that include SonoLyst, powered by Intelligent Ultrasound’s ScanNav software. The c

Made Tech Group PLC

Made Tech is a leading provider of digital, data, and technology services to the UK public sector. The Group was founded in 2008 by Rory MacDonald (CEO), who remains its main shareholder with 28% of the equity, and IPO’d in 2021. The Group is entirely exposed to the UK public sector and we believe this represents a large structural growth opportunity as the shift to digital services is likely to accelerate. Moreover, we believe Made Tech will continue to benefit from the transition away from UK

itim (ITIM) - Five year contract renewal with Majestic Wine

Following the announcement of in-line full year results last week and a string of recent contract wins, today's news marks a further positive development for itim, with the announcement of a contract renewal with one of the group's flagship customers. With positive progress on new contracts adding incrementally to recurring revenues and actions being taken on costs, we view itim as well placed to deliver throughout the remainder of 2024 and beyond, with real potential for outperformance should