Outlook: Gaining momentum
SQI has continued its positive momentum over the last year, signing five service agreements with drug development companies. The company also broadened its commercial focus in 2014 with a deal to automate DNA-based pathogen detection assays, a new application for its technology. We now look towards the conversion of customers from early contract work/validation to full commercialisation. Despite the encouraging deal progress, we reduce our valuation to C$55m vs C$60m previously (C$0.98 per share vs C$1.07), mainly due to the more protracted time frame for the phasing of contracts to reach significant revenue recognition.SQI Diagnostics is a medical systems company. Co. is engaged in the development of proprietary technology in multiplexing, miniaturization and automation.
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