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

Audioboom Group - Q1 24 revenue growth of +11%, FY24E forecasts reiterated

Audioboom’s FY23 results and Q1 trading update show Q1 24 revenue growth of +11% yoy, $6.7m of March 2024 revenue marking the platform’s highest revenue month since May 2022, and a confident outlook that leads us to reiterate our FY24E forecasts. Following the focus on new initiatives through FY23, the platform is now in its strongest ever operational position, with a record 1.1bn monthly ad impressions created in March 2024, record global audience reach of 38.6m unique global listeners in Janua

Soft growth patch

Checkit - New product launch and contract wins

Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.

Morning Note – 15 April 2024

Morning Note – 16 April 2024

Auction Technology Group - H1/24 Trading update

ATG’s H1/24 trading statement indicates revenue for the six-month period to 31 March 2024 was $86m, a 6% increase on H1/23 (1% organic growth), helped by the addition of the EstateSales.Net (ESN) marketplace last year, which performed well in the period. Total marketplace revenue increased 2% (organic), driven by growth in value-added services (VAS) and event fees, offsetting a decline in commission revenue (mainly through lower asset prices).

Engage XR Holdings - Expanding from FY23, FY24E forecasts reiterated

ENGAGE XR’s FY23 results show revenue and net cash in line with the February trading update, EBITDA ahead at -€4.0m vs -€4.5m due to the split of cash outflow between opex and working capital, and a confident outlook that leads us to reiterate our FY24E forecasts. FY23 revenue for the core ENGAGE platform was unchanged vs FY22 at €3.3m, as H2 23 revenue was impacted by the record seven-figure contract announced in February shifting to 2024, and several enterprise customers scaling back renewals

FY23 results in line – and a flying start to FY24

ENGAGE XR has published its FY23 full year results, the headlines of which reflect the details provided in February’s post close trading update in terms of revenue, EBITDA loss and net cash. ENGAGE XR has signed a rapidly growing number of strategic and commercial partnership agreements with companies invested in promoting the VR medium and the development of corporate metaverses.

It’s not what you sell, it’s the way that you sell it

This report is intended to help UK small- and mid-cap investors gain a better understanding of software companies’ routes to market, and to highlight how one of the most important facets of the way in which they grow and deliver value is routinely ignored.  We examine sales processes for six UK-listed companies and one that has recently been taken over, and consider why they have followed their respective paths.

Hybridan Small Cap Feast - 15 April 24

15th 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

CML Microsystems+ (CML, House Stock at 395p) - Board & Senior Management Appointments

PROGRESSIVE: CML Microsystems: Ripples not waves – still on growth course

The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and

Morning Note – 8 April 2024

iomart - FY24 trading update

The March FY24 trading update reports revenue broadly in line, and adj EBITDA in-line, with consensus. Revenue of £127m at +10% yoy (Cav: £129mE; consensus range £128.4m- £130.7mE) delivered adj EBITDA of £37.5m (Cav: £38.7mE, cons £37.4m-£38.7mE) and adj PBT of £15.0m (Cav: £16.0m, cons £14.3m-£16.0m). £25m net debt (Cav est after excluding IFRS16) was slightly better than our £26.2mE, with typically strong cash generation a feature of the model but consensus mangled by IFRS16 inclusion/exclusi

Trustpilot - FY23 trading update – Another beat, £20m SBB

Trustpilot has announced another beat to expectations and the implementation of a £20m share buyback programme. The company has guided to full year revenue of US$176m, with annual recurring revenue of US$197m and total bookings of US$195m. Trustpilot expects to report adjusted EBITDA above the US$14.1m top end of the range of market expectations. This was another strong performance from Trustpilot with revenue growth coming in a little better than guidance at the interims and further operational