Cenkos: Inspiration Healthcare Group Plc -- Trading update

Inspiration Healthcare has provided a trading update for its FY23 fiscal year, which closed at the end of January. The company expects to deliver revenues of £41.2m (+0.4%, Cenkos est £41.1m). Adjusted EBITDA for FY23E is expected to be in-line with expectations (Cenkos est £3.8m). Management notes an increase in order inflow in recent months, which has delivered a strong Q4/23 performance and platform for growth in FY24E. We maintain our FY24E forecasts, which target revenue growth of c10% and

Cenkos: Inspiration Healthcare Group Plc - Trading update

Inspiration Healthcare has provided an update on trading, noting that due to broad market uncertainty the company does not expect its FY23E revenues to ‘significantly exceed' FY22A revenues and as a result, H2/23E EBITDA is expected to be below H1/23A levels. We have updated our forecasts for FY23E and FY24E to reflect this update, removing revenue growth in the current year and shifting our previous revenue growth expectations out one year. We expect high-end, higher margin sales to have been p

Cenkos: Inspiration Healthcare Group Plc -- Strong position

Inspiration Healthcare has reported interim results for the six-months to July 2022. As the company has previously highlighted, FY23E performance is expected to be H2-weighted, and the interim results reflect this weighting. However, the company notes its comprehensive product range, strong order book and intentionally built inventory position that gives management confidence on meeting profit expectations for the full year. Revenue performance was broadly similar to H1/22A, a solid outcome give

Cenkos: Inspiration Healthcare Group Plc -- Trading update

Inspiration Healthcare has provided a trading update for the six months to 31 July 2022. The company notes following a strong start to the year, trading has remained ‘robust' and in-line with expectations. As per the recent AGM statement, FY23E (Jan YE) is expected to be second half weighted, supported by the strong order book. We are confident in our forecasts which remain unchanged and target 12.2% and 14.5% revenue growth in FY23E and FY24E, respectively. We maintain our Buy recommendation.

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Agronomics, Eden Research, IXICO, HeiQ, Trellus Health, NetScientific, Circassia, 4basebio, Fusion Antibodies, Surgical Innovations Group, Yourgene Health, Abingdon Health, Verici Dx, Poolbeg Pharma, Omega Diagnostics

Cenkos: Healthcare Sector -- Ward Round

Weekly round-up of AIM-listed healthcare news. Intelligent Ultrasound, Inspiration Healthcare, Agronomics, CareTech Holdings, e-therapeutics, ABCAM, EKF Diagnostics, HUTCHMED (China), Benchmark Holdings, Totally, ImmuPharma, Open Orphan, Destiny Pharma, Polarean Imaging, Induction Healthcare.

Cenkos: Inspiration Healthcare Group Plc -- FY22 results

Inspiration Healthcare has reported its preliminary results for the year to January 2022, delivering on expectations despite the uncertainties that existed through the year. In-line with the February trading update, FY22A revenues were £41.1m up 11% YoY, though up 38% adjusting for the COVID ventilator sales in FY21A. Adjusted EBITDA was £6.4m c3% ahead of our £6.2m forecast. We are leaving our FY23E and FY24E forecasts broadly unchanged forecasting low double-digit revenue growth and investment

Cenkos: Healthcare Sector -- Ward Round

IXICO, HeiQ, Creo Medical, GlaxoSmithKline, Totally, Advanced Oncotherapy, Arecor Therapeutics, Midatech Pharma, Futura Medical, Yourgene Health, Renalytix, Polarean Imaging, Diurnal, Novacyt, Faron Pharmaceuticals, Poolbeg Pharma, ANGLE

Cenkos: Inspiration Healthcare Group Plc -Trading update and upgrade

Inspiration Healthcare has provided a trading updated for the 12 months to Jan-22 (FY22E). The company expects revenues of c£41.0m (Cenkos previous est. £40.6m) delivering growth of 10.9% and adjusted EBITDA of ‘not less than £6.2m' (Cenkos previous est. £5.6m) for growth of 10.5%, including a one-off receipt of £0.2m. We believe this update shows excellent performance through a difficult trading environment. We have adjusted our FY22E forecasts into line with this release, resulting in a 1% inc

Cenkos: Inspiration Healthcare Group Plc -- SLE international order

Inspiration Healthcare has announced the receipt of an order for SLE6000 and SLE6000c ventilators to Egypt, worth £1m, which the company expect to complete in the near term. The ventilators form part of the SLE portfolio, acquired in 2020 and further demonstrate the benefits this acquisition is delivering to the group as a whole. We believe this order could lead to additional revenues through the sale of ancillary products, delivering within-group cross-selling opportunities. We maintain the vie

Cenkos: Inspiration Healthcare Group Plc -- Interims: Delivering on strategy

Inspiration Healthcare has reported its results for the six-months to July 2021. Revenues increased 47% reported, or c85% adjusted for the one-off COVID ventilator orders reported in FY21A. Revenues were supported by the contribution of SLE, acquired in July 2020. Gross margin improved to 52.5% from 51.4% in H1/21A supported by strong sales of Branded products. Adjusted EBITDA grew 42%. We believe these results clearly demonstrate the group-level benefits from both recent acquisitions (SLE and V

Cenkos: Inspiration Healthcare Group Plc -- Positive trading update

Inspiration Healthcare has provided a positive trading update for the period to July 2021. Inspiration expects revenue growth for H1/22E to be c47%, indicating revenues of c£20.9m. Note that FY21A revenues include £7.3m of one-off COVID ventilator orders, excluding these, H1/22E revenues would be up c85%, boosted by the contribution from S.L.E. Our expected H2/22E revenue growth, excluding the COVID ventilator revenues (£4.4m) and including S.L.E in both periods, stands at c7%. With a strong ord

FY22 in line – focus on core increasing

FY22 results are in line with revised estimates. Management continues to intensify its focus on the growing, profitable and cash generative Point-of-Care and Life Sciences activities, where confidence in the latter opportunity is increasing. We make some modest changes to our forecasts to reflect further streamlining post-period end and point to the strong growth outlook from FY24 onwards. We believe this is being overly discounted by the market and view the shares as being in deep value territo

Clean exit from ADL Health

EKF has announced a clean solution has been found for the non-core Laboratory Testing business ADL Health, selling the business back to one of its management team. Having pared back our estimates for this division in February, we expect no further material impact on earnings from this move. Strategically, we view it as positive, removing a distraction and further re-focussing activities back towards the core established Point-of-Care & Central Labs business and the growing new Life Sciences acti

Hybridan Small Cap Feast - 23 Mar 23

23 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

SHORE CAPITAL - Destiny Pharma plc+ (DEST, House Stock at 30p)

Hybridan Small Cap Feast - 06 Mar 23

6 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Positive momentum persists

2022 was a pivotal year for NIOX as it moved firmly into sustainable profitability and cash generation. The foundations for a scalable platform are now well-established and the group enters 2023 with strong momentum (revenues in the first two months of the year were +19%). Having upgraded our forecasts following the trading update in January, we push through further EBITDA upgrades on improved margin assumptions. NIOX is a rare asset and fully deserves a premium rating. We stay at Buy, with an i

Tissue Regenix - FY 2022 – a pivotal year to a sustainably profitable business

Tissue Regenix reported full-year results to 31 December in line with its January trading update that indicated it had reached EBITDA profitability in Q4. What was undisclosed then was that it included a $0.45m provision, without which it would have generated an adjusted EBITDA of c.$0.4m in H2, illustrating the positive underlying progression to a profitable and sustainable growth company. The outlook remains positive – new products, new geographies and additional distributors/strategic partner

Morning Note – 27 March 2023

Hybridan Small Cap Feast - 21 Mar 23

21 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Hybridan Small Cap Feast - 24 Mar 23

24 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

SHORE CAPITAL - Warpaint London+ (W7L, House Stock at 198p)

Hybridan Small Cap Feast - 14 Mar 23

14 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

LIBERUM: Medica Group PLC* - Two deals and on track for FY’23

Hybridan Small Cap Feast - 16 Mar 23

16 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Hybridan Small Cap Feast - 20 Mar 23

20 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv