Trinity Delta Lighthouse: Oxford BioDynamics
Trinity Delta view: New funds are welcome and will allow OBD to continue operating for the next 12-months. During this time, new management plans to review the business to right-size the cost base, whilst seeking business development opportunities to maximise near-term revenues. Recent test volumes, notably PSE, are showing encouraging signs of growth, although it remains to be seen if these are one-off upticks, or a new sustainable base. Early submission for CiRT guideline inclusion would also be a positive development. Whilst the fundraise provides operational headroom, longer-term sustainable test volume growth will require substantial ongoing commercial investment, in our view. As is usual in such situations, we suspend our valuation and forecasts.
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