FY20 results reflect the severe impact on the company from the reductions in elective surgeries around the world. However, the business has weathered the storm and looks to be in a stronger position to capitalise when activity levels normalise, especially given pent up demand. In recent months, management has moved to position the business to benefit when this recovery comes, including taking market share by winning new accounts in the UK, completely rebuilding its routes to market in the US, st
Companies: Surgical Innovations Group plc
Cornerstone FS to join AIM, an SME focused, cloud-based provider of international payment, currency risk management and electronic account services focused on removing the complexity of international payments for customers. Raising £2.2m. Mkt Cap £12.3m. Due 18 Mar. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equ
Companies: EVG BOD STX SUN KGH CAMB FARN MIN ODX INHC
Hot on the heels of signing up Adler as US distributor for its range of surgical instruments, SUN has further strengthened its US market position by appointing Microline Surgical to distribute its range of port access devices and trocars. This is a five year exclusive agreement and comes after SUN achieved 510k approval for its Yelloport Elite device in late 2019. This opens up a ~$380m market opportunity for SUN and even modest penetration would result in material additional revenues over the n
AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7 million by way of a placing of new ordinary shares in the capital of the Company. Timing TBC.
Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, in
Companies: MSYS SUN PYC SML EBQ SNG ADV LTG NET SWEL
Upon Admission to AIM, Nightcap will acquire The London Cocktail Club Limited (the "London Cocktail Club"), which is an award winning independent operator of ten individually themed cocktail bars in nine London locations and one location in Bristol. Offer TBC. HSS Hire Group, HSS.L transfer from Main to Aim. Mkt Cap c. £70m. Recently raised £52.6m. Leading supplier of tool and equipment for hire in the United Kingdom and Ireland and has provided equipment hire services in the United Kingdom for
Companies: PMI RMM SUN BOIL ITM TRMR MLVN 88E IME ANP
Surgical Innovations has announced a significant distribution agreement for its range of MIS scissors in the US, which is expected to be worth $12m over its five year term. This is a material breakthrough for SUN and, in our opinion, provides tangible and meaningful evidence of the global growth potential of the group and the increased commercial and strategic focus of the management team. Our forecasts currently remain suspended but, for context, US sales of SI Branded products were £1.85m in F
H1 revenues took an inevitable hit from the reduction in elective surgeries globally, but SUN is showing agility in navigating the challenges. It is well capitalised and has made a number of internal improvements which should stand it in good stead as volumes recover. This recovery looks to be playing out ahead of expectations. We keep our forecasts under review for now, but the direction of travel looks encouraging and the medium term outlook positive given the fully upgraded product suite, pip
Surgical Innovations has provided some useful context to the current trading environment. Whilst revenues are significantly down in Q2 so far, they are perhaps not down to the levels initially expected and there are some encouraging if tentative signs of life as hospitals prepare to recommence elective surgeries. The group’s cash position has increased to £1.65m (from £1.28m at the Y/E) and, with an undrawn £0.5m RCF and a new £1.5m CBILS facility, the group has £3.65m of available liquidity. Th
Revenue growth of 10% in H2 brought FY results in line and the company was looking well set for strong progress in FY20. However, Covid-19 presents a significant short term challenge, given SUN’s focus on elective surgeries. The Board has moved quickly to enact cash preserving and cost saving measures, whilst continuing to supply essential products. Cash on the balance sheet and support from the group’s bankers provides short term liquidity and other indications of financial support are being ac
Surgical Innovations returned to double digit growth in H2, bringing FY19 results in line with expectations. After a difficult H1, particularly around well publicised issues with the NHS, this is a creditable performance and should reassure that the market backdrop is stabilising and Surgical Innovations is back on the front foot. We continue to see material value creation opportunities ahead and look forward to a positive 2020.
It has been a challenging trading period for Surgical Innovations, with the UK facing significant pressures resulting in many elective surgeries being postponed or cancelled. The company is directly exposed to these trends, which unfortunately show no signs of abating in the short term. We reduce our FY19 revenue expectations by £1.5m, which flows through to a £0.7m reduction in PBT. More positively, good progress is being made in opening new accounts (both in the UK and internationally), which
Surgical Innovations has announced that CFO Melanie Ross is to leave the business at the end of the month to pursue other opportunities. Charmaine Day (Group FC and Co Sec) will assume financial responsibilities for the group, reporting directly to CEO David Marsh. In addition, the group has announced the recruitment of an experienced Head of Compliance, further strengthening its regulatory function. Steve Seed will re-join the group in September from Xiros, where he holds a similar position.
Surgical innovations has given an update on current trading that positive momentum in H2 2018 that continued into Q1 2019, has softened into Q2 2019, citing lower than expected orders in the UK and EU. Management now expects that revenue growth in full year 2019 will be lower than previously expected and for Adj. PBT in 2019 to be below 2018 levels. We have adjusted our forecasts for FY’19 to incorporate today’s announcement, and forecast revenue (downgrade vs. previous forecasts) of £12.1m (-8.
Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019.
Companies: MSYS BRH SUN RENX MYN AAOG PHSC KCR KDNC
A strong second half has brought trading for the full year in line with expectations and leaves the business well set for 2019. An exciting pipeline of new products should supplement an already strong organic growth outlook and could lead to material upgrades in time. We continue to see a clear path for management to realise its ambition of building a £100m+ business over the next 3-5 years.
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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
Companies: AMYT ARBB ARW BAG BEG BONH BWNG CWK DNK EML EPWN FBD FA/ GPH GSF GNC HUW IGC INSE KAPE KP2 MMAG NRR NESF OTMP ROL RUA SEN SUR TON TOU TXP TGL VLS WINK
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