Trinity Delta Lighthouse: ANGLE
Trinity Delta view: Recent commercial related activities, with a new pharma services contract, plus an assay development partnership, are encouraging steps towards securing potentially significant future Parsortix revenues. Both provide important external validation of Parsortix, and as this continues to build, future deal execution should be facilitated, in our view. The opportunities being explored are sizeable and will also help to expand near-term revenues. Positive revenue momentum is already evident in Q123, according to management. In the near-term, we expect ANGLE to remain focused on growing the Pharma services business, attracting industry partners for downstream analysis, and completing the remaining LDT development work ahead of potential launches from 2024. Our DCF-based ANGLE valuation is £253m, equivalent to 97p per share.ANGLE is a holding company. Through its subsidiares, Co. operates as a medical diagnostic company focusing on the development of products in the fields of cancer diagnostics and foetal health. Co. develops products for use in rare cell diagnostics that enable early identification of an individual's condition for the prevention, treatment, and monitoring of disease. Co.'s principal trading activity is undertaken in relation to the development and commercialization of the Parsortix cell separation system, with deployment in liquid biopsy (non-invasive cancer diagnostics).
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