Encouraging H1 sales indicate Mauna Kea ("MKEA") connues to enjoy the posive growth trend previously reported in Q1. With sales increased 58% YoY to €3.3m (H1/2020: €2.1m), driven by a 62% increase in consumables revenues and an 109% increase in system sales. Sales connued to grow across all regions including AsiaPacific (+71% to €0.9m) and EMEA & RoW (+198% to €0.8m). While overall H1 US growth was lower (+25% to €1.7m), a more than doubling of US sales in Q2 indicates a robust recovery driv
Companies: Mauna Kea Technologies SA Class O
In a year when elective procedure volumes fell 20% or more due to the COVID-19 pandemic, Mauna Kea (“MKEA”) reported FY2020 sales of €6.5m; down 12% YoY. Systems and services sales grew 12% and 16% YoY respectively, whilst consumables sales fell by 32%, reflecting the global drop in procedure volumes in 2020. A positive recovery was evident across all geographies in H2/2020 with Q4/2020 sales increasing 41% YoY to €2.4m, driven by contributions of €1.3m (+44%) from the US, €0.7m (+34%) in APAC a
Mauna Kea's ("MKEA") Q3/2020 sales exceeded management's expectations, growing 13% YoY to €2.0m (Q3/2019: €1.8m). Systems and services revenue grew 58% and 37% respectively compared to Q3/2019, largely reflecting a rebound in capital sales in all markets. The anticipated fall in consumable sales was also less than expected (16% vs. 23% - 27%);driven by better than expected performance from the US pay-per-use ("PPU") programme. We also note the narrowing YoY sales performance between H1/2020 (-47
In line with expectations, Mauna Kea's ("MKEA") reported a 30% YoY decrease in H1 revenues to €3.2m, reflecting the disruption from the ongoing COVID-19 pandemic. Consumables and system sales were most heavily impacted because of the significant drop in procedure volumes (see our note from July 2020) and reduction in demand for new systems which impacted both direct and distributor sales channels. However, MKEA reported that it expects a bounce back in sales for Q3 & Q4/2020E as a combination of
Mauna Kea announced plans to commence a first in human clinical trial in partnership with Johnson & Johnson's Lung Cancer Initiative to evaluate the feasibility and safety of J&J’s Monarch catheter-based robotics platform in combination with Cellvizio for the diagnosis of peripheral lung nodules. Mauna Kea has remained tight lipped with regards to the company's partnership with J&J since a strategic equity investment of €7.5m in December 2019. In our view, the initiation of the clinical trial re
Mauna Kea reported Q1/2020 sales of €1.5m (-14% YoY), with a strong start to the year offset by the impact of COVID-19. Cellvizio system and services sales for the quarter were flat at €0.6m (-1% YoY) and €0.3m (+0% YoY) respectively, however, sales of consumables decreased 27% YoY to €0.6m as a result of lower procedure related demand as resources for elective procedures are re-allocated to fighting the pandemic worldwide. The impact of COVID-19 on procedure volumes cannot be ignored moving for
Q4/2019 results revealed that Mauna Kea's top line grew 10% YoY to €7.4m for FY2019, despite weaker than expected Q4 sales of €1.7m (-20% YoY). Total FY2019 sales were largely driven by those to clinical customers, which represented 96% of total sales, and a 47% increase in consumable sales indicating high utilisation of the growing Cellvizio installed base. In-line with both ours and management's expectations, straight system sales decreased 14% YoY following the shift to a pay-per-use model wh
Mauna Kea announced a € 7.5m strategic investment from Johnson & Johnson Innovation - JJDC, Inc. ("JJDC" - part of Johnson & Johnson ("J&J")) which provides further funding for the development of the Cellvizio platform and will allow the company to execute its strategic growth initiatives as it expands into the interventional pulmonology ("IP") market. A subscription price of €1.40, represents a c.30% premium to the previous close. The agreement also provides J&J with a 24-month period in which
Mauna Kea reported 9M/2019 sales of €5.7m (+24% YoY) on track to reaching our FY2019 revenue estimate of €8.6m. Q3 sales decreased by 7% YoY to €1.8m, driven largely by an increased commercial focus on clinical over pre-clinical sales. As such, performance in Q3 is in line with the strategic priorities set out by management for 2019, with clinical sales accounting for 99% of Q3/2019 total sales vs. 75% in Q3/2018. As we expected, Q3 revenues from Cellvizio straight sales and services declined 32
Earlier this year, Mauna Kea announced successful FDA clearance for the use of the Cellvizio® system in the field of interventional pulmonology ("IP"). This paves the way for entry into the large lung cancer diagnostics market and would allow Mauna Kea to leverage its existing expertise in the field of gastroenterology to maximise adoption. In our view, IP represents a promising commercial opportunity based on (1) a large market with a vast clinical need, (2) Cellvizio's® unique ability to facil
Mauna Kea reported Q2/2019 sales of €2.2m, up 33% YoY. Sales growth was primarily driven by a 58% YoY increase in consumable sales (€1.2m), which accounted for 54% of total revenues and highlight the company's continued focus on maximising utilisation of Cellvizio, one of three key strategic targets set forth by management earlier this year. Sales growth was partly offset by a 21% decrease in service revenues associated with prioritisation of Cellvizio utilisation rather than installation as see
Mauna Kea announced successful reimbursement coverage for the use of confocal laser endomicroscopy ("CLE") for Barrett's Esophagus ("BE") in France. This further validates the clinical utility of Cellvizio and is testimony to Mauna Kea's ability to deliver on its strategic milestones for 2019, as set out in our recent report. With reimbursement in place in France, Mauna Kea is delivering on its promise to drive revenue generation outside the US by providing clinicians with a strong incentive for
Mauna Kea reported strong Q1/2019 sales of €1.7m (65% YoY) with consumables sales of €0.9m (96% YoY) representing 51% of total sales, thus highlighting continued progress toward maximising utilisation of Cellvizio, which represents one of three key strategic targets set out by management for 2019. While total sales growth was in part driven by softer sales in Q1/2018, total consumable sales grew 10% vs. Q4/2018, indicating Cellvizio's increasing utilisation, which we continue to consider a key p
Mauna Kea reported FY2018 total sales of €6.8m (1% YoY) with sales of €2.1m (37% YoY) in Q4 highlighting the increasing traction for Cellvizio and validating the transition to the new pay-per-use ("PPU") model in the US. Total sales growth was largely driven by a 17% increase in consumables sales, the key performance indicator for PPU, in our view. As we expected, FY2018 revenues from Cellvizio straight sales declined (-13% YoY) as a result of the move to the new sales model, but this decline wa
Mauna Kea reported Q4/2018 financial results slightly below our expectations, however, with sales of €2.1m (37% YoY), Q4 represents the strongest quarter for Mauna Kea in 2018, thus highlighting the increasing traction for Cellvizio and validating the transition to the new pay-per-use ("PPY") model in the US. Total sales were largely driven by consumables sales of €0.8m, of which €0.3m were associated with PPY (112% YoY). As we expected, FY2018 revenues from Cellvizio straight sales declined (-1
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EKF has delivered another strong set of results, with the step change in the scale of the business firmly consolidated. H1 revenues increased 46.5% driven by an ongoing recovery in the core business and strong demand from a number of public and private sector customers for sample collection devices. The outlook remains positive and progress is being made against the new strategy set out earlier in the year. We upgrade our FY21 revenue forecasts by 7% and EBITDA by 13% noting this still implies a
Companies: EKF Diagnostics Holdings plc
OptiBiotix operates in the human microbiome market and we see the company at an interesting strategic inflection point, with developing revenues generated from its lead products and showing commercial traction with the next generation of products. We expect the company to generate value from both sets of products and see additional upside from its holding in SkinBioTherapeutics. Our valuation analysis suggests the market is attributing little value to the company's second-generation platform lea
Companies: OptiBiotix Health PLC
After the exceptional trading conditions in China last year comes the hangover. A further softening in pork prices highlighted at the July trading statement has led to conditions in China continuing to ease in Q2. Revenues YTD in that market are now significantly below management expectations and down YoY. Whilst some recovery is expected in H2, there looks to be much to do to make up the shortfall. More encouragingly, trading in the group’s other markets remains in line with expectations. We re
Companies: ECO Animal Health Group plc
Momentum is building in Circassia, with the recovery from the pandemic gaining traction and actions taken by management to focus the business having a material impact on the bottom line. Having already upgraded in July, we are upgrading forecasts again today to reflect the further progress on reducing fixed costs. We now expect the group to trade close to EBITDA breakeven this year and for significantly improved profitability and cash generation from next year onwards.
Companies: Circassia Group PLC
Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
Companies: AMYT BAG BVC BRSD CLG CML FBD GDWN INV MACF MNZS MIO NRR NSF NBI MATD PREM QFI RUA SCS STVG SUR SNX UPGS VAST VLS
Companies: Medica Group Plc
genedrive has raised £6m with up to £4.5m possible via an Open Offer to launch its point-of-care (POC) antibiotic-induced hearing loss (AIHL) test in September, complete development and launch of its POC molecular COVID-19 test, and support commercialisation and further product development activities. Both new tests will utilise the Genedrive® POC instrument platform, which is a proven molecular diagnostics (MDx) platform validated by the US Department of Defense (DoD). The AIHL test could suppo
Companies: Genedrive Plc
Interims show a sharp recovery in revenues (+63% YoY) and a continued improvement into H2, albeit with the caveat that visibility remains limited in the short term. The building blocks are in place for a strong growth story, but this remains dependent on elective surgery volumes normalising over a consistent period. At the moment, the recovery is somewhat stop-start in nature, hence we cautiously reinstate FY21 estimates, but leave outer years withdrawn for now.
Companies: Surgical Innovations Group plc
MAST Energy Developments (MED) is to IPO on the Standard List on 14th April 2021 under the ticker MAST. The company has raised £5m giving a market capitalisation on listing of c. £23m. MED is currently a 100% subsidiary company of AIM quoted, Kibo Energy*. MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. PensionBee has confirmed its intention to float on the High Growth Se
Companies: SYM CGNR EKF KBT GGP VLS TMO ECK B90 MDZ
Interim results to 30 June reflected the completion of Phase 2b trials for XF-73 and the ongoing tech transfer costs associated with NTCD-M3 ahead of a pivotal Phase 3 trial. The statutory net loss was £3.0m (vs.£3.0m) with an adjusted net loss of £2.8m (vs. £2.9m). Period-end cash was £7.1m (vs. £9.7m at 31 December 2020), providing a cash runway into Q4 2022 and the necessary time for the company to agree Phase 3 clinical trial designs with the EMA and FDA and secure the required partnering an
Companies: Destiny Pharma Plc
EKF recently unveiled a strategy for driving growth in the business over the next few years. It will be led by a refreshed executive management team and board, building on renewed strength in the core business and opportunities in developing wider contract development and manufacturing activities. Accretive bolt-on acquisitions will also be considered, all funded by the current strong net cash position of the group. Overall, the ambition is to deliver sustainable double-digit EBITDA growth into
Sales contracted by 18% in H1, which can mostly be attributed to lower sales of hand sanitiser and reduced sales to its Chinese partner. Excluding this, VLG generated robust growth (+9%) across the higher margin part of the business despite the prolonged effects of covid. We have lowered EPS estimates to reflect the weaker sales, downgrading by 6% this year and 8% next year. This includes higher expectations in the recently acquired BBI business, nothing for China, which remains a key target ter
Companies: Venture Life Group Plc
Full Article available at www.independentresearch.com.au Can these fallen small-cap angels regain their wings? One of the trickiest aspects of investing is deciding whether a fallen angel will ever fly again. If they do regain their wings, the rewards of buying in at distressed levels can be enormous. But as they impress on newcomers in Masterchef safety briefings, trying to catch a falling knife can be highly injurious. As per tradition, the red ink flowed liberally at the tail end of the pr
Companies: CCV FNP MSB
Maiden interim results are slightly ahead of our expectations with a better performance on cash preservation. This should be taken positively in light of the strong strategic progress in the period. The validation study of Clarava and Tuteva is on track to complete by year-end 2021 and, pending the outcome of the data in Q1 2022, be commercially launched in 2022. We have made no headline forecast changes, but the Company is well-placed to execute against our FY’21E estimates and is fully funded
Companies: Verici Dx Plc
Medical device companies are gradually seeing a rebound in their business after the focus of healthcare is slowly shifting from Covid-19 back to normalcy. Stryker Corporation is one of the top-most high-tech names within this domain that has performed exceptionally well on the financial front on account of the recovery in surgical volumes in the U.S. and abroad. It is worth highlighting that Stryker’s product portfolio has grown exceptionally well over the years, both organically as well as thro
Companies: Stryker Corporation (SYK:NYSE)Stryker Corporation (SYK:NYS)
