Trinity Delta Lighthouse: ANGLE
Trinity Delta view: ANGLE’s start to 2024 has been positive, with the execution of important new Pharma Services contracts with large pharma and securing c £8.8m (gross) in new funding to help widen the adoption of the Parsortix system. The new funds will be directed towards further building the products and service business lines, increasing headcount, and capex to augment laboratory capabilities for molecular applications. These initiatives should help build on the commercial momentum seen in FY23, with management confidence in delivering further revenue growth in FY24 and with cashflow break-even in sight. We suspend our valuation pending the closing of the fundraise; for reference our last published ANGLE valuation was £174m, or 67p/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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