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

Alphawave Semi: FY23 trading update, amended forward guidance

Alphawave Semi has reduced guidance for FY23 and prospectively citing lower revenues from China, changes in expected revenue recognition from long-term contracts, and continuing investment in R&D. The share price has reacted negatively, giving up most of the gains since the trading statement at the end of January. Current consensus, which is a good match for pre-existing guidance, should be reduced, most likely following release of the FY23 results and full 1Q24 trading update due on 23 April. H

Crimson Tide - FY23 reports +15% revenue; investment phase complete

Crimson Tide has reported FY23 results to December in line with expectations, with additional operating leverage benefitting updated FY24 and maiden FY25 and FY26 forecasts. FY23 delivered +15% revenue growth to £6.2m at 86% GM, of which over 90% is recurring, and maintained £5.8m ARR even after unexpected customer churn in the year as we previously noted. Crucially, the Group achieved milestone adj EBITDA profitability of £0.4m at 7% EBITDA margin, and edges closer to adj PBT profitability expe

Morning Note – 16 April 2024

Devolver Digital (DEVO LN) - Rebuild year

Devolver Digital encouragingly delivered 2023 results slightly ahead of expectations and provided a steady medium-term outlook that leads us to reiterate our 2024 Adjusted EBITDA estimates. Longer term, the company is now planning to further develop its two major planned titles, Human Fall Flat 2 and System Era's next major new release. We now expect those major titles to be released in 2026 rather than 2025, meaning we lower our 2025 Adjusted EBITDA forecast to $10.6m from $17.6m but introduce

Morning Note – 15 April 2024

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.

Soft growth patch

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).

Morning Note – 17 April 2024

Touchstar - Full year results: Recurring revenue strategy delivers further profit growth

Touchstar is a supplier of mobile data computing solutions and managed services to a variety of industrial sectors. This morning's full year results reflect the outcome of a multi-year strategy coming to fruition for the group, with recurring revenue growth of 8.7% delivering overall revenue growth of 7.1% and in turn a 60% increase in PBT to £0.7m. Over the past few years, Touchstar has focused on enhancing the returns from their product offering through a shift towards recurring software licen

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.

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

LIBERUM: Cirata plc: Cirata from the flames

Initial Equity Trading Comments - 19 February 2024