Deltex has announced 2020 results although revenue and cash balances were known from the trading update. 2020 was a challenging year given the impact of COVID on core elective surgery markets but the Group has brought forward initiatives and changes which provide a platform with more impetus for 2021 and beyond.
Companies: Deltex Medical Group plc
Deltex has released 2020 interim results which were largely known from the pre-close trading update in early July. The slower than expected resumption of elective surgeries has continued to impact the Company and results in a lowering of FY expectations. Despite the broader penetration of and audience for Deltex technology, we acknowledge that improved performance will take longer than previously anticipated from this point
2019 results – cash generative, profile increasing
Caribbean Investment Holdings. Incorporated in Belize . CIHL primarily operates financial services businesses through its subsidiaries The Belize Bank Limited and Belize Bank International Limited, both located in Belize and international corporate services through Belize Corporate Services Limited. CIHL shares are also traded on the Bermuda Stock Exchange. Lord Ashcroft holds 75%. No capital raise. Due 28 April. £36m . 2019 net profit US$ 10.7m
Companies: CCS SCIR YCA TPFG DCTA RBD 88E DEMG ANA
Pre-close trading update
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
Companies: DEMG TMG CRCL APH ORR VANL PPH TRX PEBB SUMO
Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.
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Deltex Medical has announced that it has been awarded a grant by Innovate UK to develop its TrueVue monitoring system for haemodynamic monitoring. On the back of stabilising financial results at the interims recently and a new contract with the Vizient GPO in the US, this announcement continues to highlight increasing profile of the Group which should support improving sentiment. Buy
Interim results are in line with the detailed trading statement issued in July; revenue fell to £2.0m but, following significant cost cutting outlined in the 2018 strategy, EBITDA became positive at £0.2m with £0.6m of cash on the balance sheet. The Group has been more selective with its direct selling activities in the US such that, whilst volumes fell, average prices increased, and revenue only fell from £0.8m to £0.7m. In our view, the price traction demonstrates the level of demand in this d
Deltex Medical has released a half year pre close trading update indicating that the Group expects to be EBITDA positive in H1 2019, continuing the trend seen through the first quarter of 2019. Also of note is the net cash improvement of £0.3m during H1 considering the cash burn of the Group in recent years.
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
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Deltex has released an AGM trading statement, reinforcing the message from its full year results. The Group has continued to make progress and has generated cash in each of the five months to April 2019 with current trading in line with market expectations.
Deltex has announced full year 2018 results, albeit largely flagged by the January trading update. The key story here is that the turnaround of the business continues with cash generation likely in 2019 and a focus on key existing customers to drive sales. We reiterate our buy rating with the improving financial position of the Group.
We’re just over three months in to 2019 and we’ve seen a 10% UK market rally, retracing much of the Q4 decline, such is the nature of fickle market sentiment. That said, many of the issues we wrote about three months ago that were impacting markets remain: notably Brexit, trade wars, geopolitics and global monetary policy. The 2019 rally thus far feels somewhat fragile, with competing forces of optimism on a potential trade deal which could underpin the rally, against the deterioration in underl
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VLG has acquired BBI Healthcare (BBIH) for up to £36m which fully deploys proceeds from the Nov’20 placing. BBIH is of high strategic value; it is growing, highly profitable and a leader in Women’s Health & Energy/Diabetes Management with 3 brands (2 market leaders). It is well invested, has manufacturing capacity, and made a 28% EBITDA margin in FY20. The price equates to c12x EBITDA before synergies, which will be significant and immediate. We upgrade FY21 EPS by 12.5% (part year) and FY22 by
Companies: Venture Life Group Plc
Venture Life Group has announced the acquisition of BBI Healthcare, a leading Women's Health and Energy Management/Diabetes company. Venture Life will pay up to £36.0m for the business, which generated revenues of £10.2m and adjusted EBITDA of £2.6m in FY20A. We believe the acquisition will fit well within Venture Life, significantly expanding the group's own brand revenues and providing a number of revenue growth and operational leverage opportunities. The acquisition has been financed by exist
In an encouraging sign of building US momentum, Yourgene has announced it has signed a multi-year licence and supply agreement with a major US precision medicine company to enable it to offer a new reproductive health screening service from its own laboratories. The agreement encompasses a non-exclusive licence to Yourgene’s proprietary bioinformatics Flex analysis software and a supply agreement for sample preparation reagents and instrumentation. Notably, this includes the Ranger sample enrich
Companies: Yourgene Health Plc
As midsummer’s day looms (where has this year gone?), there is greater optimism, in general, than may have been anticipated a few months ago. A post-pandemic, ‘vaccine-driven’ recovery demonstrated by increased consumer spending as lockdown measures are lifted has been one of the catalysts. The FTSE 100 has been range-bound in the last month 6,900-7,100. We have seen a combination of broadly positive company results across a range of sectors, further examples of M&A activity and a sequence of ne
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A comprehensive FY’21 (May Y/E) trading statement touts a strong FY’21 outturn in line with our expectations that shows 8x topline growth, building strength in the ImmunoINSIGHTS service business and sets the tone for future upgrades. We leave estimates unchanged, but believe forecasts are prudently pitched with risk to the upside. Notably Investors should take confidence in that management believes that, eight days into the new financial year and a strong start to FY’22, it has visibility on up
Companies: Oncimmune Holdings Plc
MED3000 is a breakthrough therapy for erectile dysfunction (ED). It works much faster than existing therapies, has a better side-effect profile and can be sold over the counter. However, the market has been sceptical on management’s ability to secure a major European out-licensing deal and to complete a small US study due to its cash constrained position. Following the completion of £12m fundraise Futura is funded through to at least the end of 2024 which includes several major catalysts over th
Companies: Futura Medical plc
This morning Oncimmune issued a Trading Update for FY2021, ending 31st May, highlighting strong revenue growth, successful fundraising and investment, plus a number of new key ImmunoSIGHTS contracts signed in Q4. Growth in demand for blood-based lung cancer test EarlyCDT® was also noted, both in the UK (NHS) and US. Positive FY2022 guidance highlighted an ongoing increase in IMMUNOSIGHTS contracts, and potential investment in a new US laboratory and accompanying business development team. We mai
Trading has strengthened significantly since restrictions eased in April, especially in the UK. UK brand sales are now up 64% YTD (+18% vs 2019). Further distribution gains are being made, including in the USA and online sales have tripled, albeit off a small base. Net cash has increased to £6.6m (Dec’20, £4.9m). Risk appears to lie to the upside vs prudent forecasts. The re-rating looks well supported to us, and we look forward to the H1 update in July
Companies: Warpaint London PLC
AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
Full year results for the year ended 31 December 2020 reflect a period of change for the company as it sets the stage for the commercialisation of its next-generation DNA synthesis and delivery technology. 4basebio UK Societas was spun out of 4basebio AG (now 2Invest AG) on 8 December 2020, and was admitted to AIM on 17 February 2021. 4basebio generated revenues of £0.46m (2019: £0.20m, +129%), with a pre-tax loss of £0.72m (2019: £0.53m, +35%), with year-end cash of £15.0m (versus our £14.6m es
Companies: 4basebio UK Societas
Data presented at the ASCO further supports the use of eftilagimod alpha ("efti") in PD-1 / PD-L1 immune checkpoint inhibitor ("ICI") combinations. These include data in 1st line NSCLC (non-small cell lung cancer) and 2nd line HNSCC (head and neck cancer). The new Phase 2 TACTI-002 interim results show that 7 patients have now seen complete responses to the efti-pembrolizumab ("pembro") combo (2 in 1st line NSCLC and 5 in 2nd line HNSCC). Treatment was well tolerated in the total 127 patients. W
Companies: Immutep Ltd
Warpaint has issued a highly positive AGM trading update (covering the financial YTD). Trading is said to have been “encouraging”, with UK brand sales some 18% ahead of pre-covid levels, with good progress in international markets and online sales reported at 3x a year ago. We leave forecasts unchanged at this stage of the year, with 2021F at EPS of 5.3p, although we see growing scope for upgrades if the current momentum can be sustained into H2 2021, and if significant additional Covid disrupti
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
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Creo Medical has published its final results for the 12 months to Dec-20. In line with recent trading statements, the company generated revenues of £9.4m through the year and closed the year with cash of £45.1m. Operating loss was £23.5m (Cenkos est. £25.4m) reflecting increased R&D and commercial activities. Despite COVID-19 impacting the adoption of Creo's products, the company had a strong year, completing two acquisitions and achieving additional regulatory clearances. We note that Creo ende
Companies: Creo Medical Group Plc
NetScientific, the life sciences and sustainability technology investment and commercialisation group, announced intraday on Thursday 10 June 2021 that it had raised gross proceeds of approximately £7.7m in an oversubscribed fundraising at a price of 130p, a 10.3% discount to the previous day close of 145p. A total of 5,958,123 placing shares will be admitted to trading on 29 June 2021, subject to placing agreements and shareholder approvals. The placing significantly strengthens the balance sh
Companies: NetScientific plc