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Omega Diagnostics Group
Omega Diagnostics - Nigerian approval of VISITECT

Omega announced that the Nigerian Ministry of Health has approved its VISITECT CD4 350 diagnostic test, thereby paving the way for first shipments to its distributor, which has already placed orders for 250k tests with a value of c.£1.0m. Pending confirmation of actual delivery dates, our forecasts assume c.£0.5m is booked in the current financial year, rising to c.£2m in FY 2021 as the expected approval of VISITECT CD4 under the WHO Pre-Qualification programme in 2020 will allow full procurement of the VISITECT CD4 Advanced Disease test by United Nations organisations. We leave our target price unchanged at 25p.

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  • 17 Jan 20
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CLL DOTD IOF
Morning Note – 17 January 2020


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  • 17 Jan 20
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Cello Health
'Excellent’ year for Health

Cello Health has confirmed that it expects to report FY 2019 results in line with the consensus on an IFRS 16 basis. The Health division has seen strong like-for-like growth in net revenue, well ahead of plan, and an expanding operating profit margin, partly offset by a weaker performance by Signal. H2 cash flow was strong and the group was in a strong net cash position at the year end. We have updated our forecasts for IFRS 16 and the disposal of Pulsar, and reiterate our view that with PE actively acquiring in this sector and international peers on substantially higher ratings, Cello’s valuation multiples are underpinned with good upside.

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  • 17 Jan 20
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FOUR AGY IOF
Morning Note – 16 January 2020

Allergy Therapeutics (AGY): Corp In-line trading update. Progressing peanut…. | ofina (IOF): Corp Market update | 4imprint (FOUR): Corp At upper end of the range

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  • 16 Jan 20
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Allergy Therapeutics
Allergy Therapeutics - In-line trading update. Progressing peanut….

The six-month trading update to 31 December 2019 demonstrates solid underlying growth, with revenues rising 8% to £50.5m (c.9% at constant exchange rates (CER)). Period-end cash was £39.7m, which included £3.2m received in settlement of legal costs relating to the litigation with Inflamax and which is already factored into FY 2020 forecasts. This implied a c.55% increase in underlying cashflows to c.£9.1m in the period. The stock trades at a c.80% discount to its peer group in terms of EV/Sales, reflecting concerns over the failed Phase III PQ Birch study in Q1 2019, which we believe significantly undervalues the intrinsic value of in-market sales and the technology platform(s). We leave our forecasts unchanged for FY 2020 at this point and reiterate our 40p target price.

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  • 16 Jan 20
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Revolution Bars Group
Morning Note – 15 January 2020

Revolution Bars Group (RBG): Corp

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  • 15 Jan 20
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Morning Note – 16 January 2020

Allergy Therapeutics (AGY): Corp In-line trading update. Progressing peanut…. | ofina (IOF): Corp Market update | 4imprint (FOUR): Corp At upper end of the range

FOUR AGY IOF

  • 16 Jan 20
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Morning Note – 15 January 2020

Revolution Bars Group (RBG): Corp

Revolution Bars Group

  • 15 Jan 20
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Morning Note – 14 January 2020

D4T4 Solutions (D4T4): Corp Management confidence in the H2 pipeline is validated | Flowtech Fluidpower (FLO): Corp Year-end trading update: weaker Q4 trading | Gateley (GTLY): Corp High ROCE; strong cash flow while investing for growth | Telit (TCM): Corp FY 2019 beats forecasts and points to a bright future

D4T4 FLO TCM GTLY

  • 14 Jan 20
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Morning Note – 13 January 2020

KRM22 (KRM): Corp | Quartix (QTX): Corp

Quartix KRM22

  • 13 Jan 20
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Morning Note – 9 January 2020

Circassia Pharmaceuticals (CIR): Corp | InnovaDerma (IDP): Corp | Maintel (MAI): Corp

IDP MAI CIR

  • 09 Jan 20
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Morning Note – 8 January 2020

Avacta (AVCT): Corp Cell therapy JV with Daewoong Pharmaceutical | Lok'nStore (LOK): Corp Second collaboration with Lidl | Shield Therapeutics (STX): Corp China licence - $62.8m bio-dollar deal | Shoe Zone (SHOE): Corp FY19 better than expected; reinvigorated focus evident

AVCT LOK SHOE STX

  • 08 Jan 20
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