Solid first year IONA sales; positive litigation update
| Market Data: Mkt Cap (£m): 22.8 Sector: Pharmaceuticals & Biotech |
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| Valuation: Similar quoted companies are more mature and have considerable sales from the US market. Companies looking for access to NGS technology have paid handsome prices, again for more mature companies. Now that sellers within the Concert Party have been cleared, the share price should recover. |
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| Risks: After receiving CE Mark for IONA, Premaitha received notification that Illumina Inc had filed patent infringement claims against the company. Although Premaitha will put up a vigorous defence and has provided £1.9m for costs, litigation is an expensive and time consuming distraction for management. |
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| Investment summary: Premaitha has an EV of £16.2m. The IONA test is the only complete NIPT with regulatory approval in Europe. Although patent litigation is a distraction, commercial partnerships are being signed and these are driving revenue growth. Our conservative assumptions, based on signed deals only, still suggest that Premaitha will be EBITDA positive in fiscal 2018. |
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