reports
- Hybridan Team
- Jon Levinson
Friday Take Away: 10 October 2025
Friday Takeaway—delving a little deeper into UK small caps Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 10th October 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the webs...
- Hybridan Team
Hybridan Small Cap Feast: 06/10/2025
6th October 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: 6th October: Ashtead Technology (AT.L) announced it has moved from AIM to the Ma...
- Colin Smith
Polarean Imaging | Updates: NIH & UVA Health sales, Ascend expansion
Since the interim results, Polarean has made three further announcements including the sale of a complete Xenon MRI system to the National Institutes of Health Clinical Center, a significant follow on sale to the University of Virginia and, most recently, an expansion of the Representative Agreement it signed with Ascend Imaging (Ascend) in June. Collectively, we believe the new sales secure Polarean's current revenue guidance of US$2.5m-US$3.5m for 2025 and bode well for future sales announceme...
- Hybridan Team
- Jon Levinson
Friday Take Away: 26 September 2025
Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement. These companies require further funding in order to achieve their full potential from exciting market opportunities.
- Hybridan Team
Hybridan Small Cap Feast: 25/09/2025
25th September 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential** Init...
- Colin Smith
Polarean Imaging | 1H25 results – Tough half but robust pipeline
Polarean had a tough first half to June as disruption to US healthcare funding resulted in no additional sales of the company's Xenon MRI systems during the half, notwithstanding a 650% YoY increase in the sales pipeline. The weakness in capital sales was only partially mitigated by a 36% increase in consumables revenue. Cash and net cash ended the half at US$7.3m and the company reiterated its cash runway through 2Q26. Full year revenue guidance was reduced to US$2.5m-US$3.5m (from US$5m-US$6m)...
- Colin Smith
Polarean Imaging | Ascend representative agreement
Polarean has signed a Representative Agreement with Ascend Imaging LLC (Ascend) covering four specific US states. Under the agreement Ascend will act as a non-exclusive, independent manufacturer's representative supporting the promotion and sale of Polarean's Xenon MRI lung-imaging platform. Polarean has potential upside many times its current market capitalisation, we calculate, based on observable deal metrics and our NPV analysis, while the valuation is so low, it could attract take-over inte...
FDA expands XENOVIEW® indication to include children from six years of...
FDA expands XENOVIEW® indication to include children from six years of age Increases number of eligible patients by approximately one million DURHAM, NC and LONDON, June 02, 2025 (GLOBE NEWSWIRE) -- Polarean Imaging plc (AIM: POLX) (“Polarean” or the “Company”), a commercial-stage medical imaging technology leader in functional Magnetic Resonance Imaging ("MRI") of the lungs, announces that the US Food and Drug Administration (“FDA”) has approved the Company’s Supplemental New Drug Application (“NDA”) to expand the indication of XENOVIEW®. This approval immediately lowers the minimum pa...
- Colin Smith
Polarean Imaging | FDA extends use of XENOVIEW® to 6-year-olds
The US Food and Drug Administration (FDA) has approved Polarean's proven Xenon MRI platform for use in paediatric patients as young as six years old from the previous limit of 12. This approval increases the number of eligible patients by c1 million, confirming a total addressable market (TAM) in the US of cUS$2bn for use of the technology in evaluating ventilation. The FDA decision has come a little ahead of previous guidance. Approval for use in gas exchange, which remains subject to a clinica...
Xenon MRI Featured Prominently at ATS 2025 Across Broad Clinical Spect...
Xenon MRI Featured Prominently at ATS 2025 Across Broad Clinical Spectrum 30+ studies across diverse conditions illuminate the unique value of functional lung imaging with Xenon MRI DURHAM, NC and LONDON, May 15, 2025 (GLOBE NEWSWIRE) -- Polarean Imaging plc (AIM: POLX) (“Polarean” or the “Company”), a commercial-stage medical imaging technology leader in functional Magnetic Resonance Imaging ("MRI") of the lungs, will be featured at the American Thoracic Society’s (ATS) 2025 Respiratory Innovation Summit (RIS), taking place May 16–17 at the Marriott Marquis in San Francisco, Californi...
- Hybridan Team
Hybridan Small Cap Feast: 08/05/2025
Claire Louise Noyce Managing Partner, Chief Executive Birchin Court, 20 Birchin Lane, London EC3V 9DU Tel direct: +44 (0)203 764 2341 Mobile: +44 (0)7894 267 530 Call me on teams E-mail: Whilst it suits me to email now, I do not expect any response outside your own work times. Linkedin: /in/claire-louise-noyce-25b4588a Website: Follow us on X @hybridanllp Follow us on Linkedin Hybridan LLP would love your feedback. Post ...
- Colin Smith
Polarean Imaging | FY24 results – sales growth guidance reiterated
Polarean has more than tripled revenue YoY to US$3.1m for the year to December 2024 and raised the gross margin by 841 basis points, confirming that it is on a path to hyperbolic growth. Almost more importantly, the cost of a Phase III trial for the use of its XENOVIEW® technology in gas exchange has been halved to US$4.0m-US$4.5m. The cash runway has been extended to 2Q26 and the company reiterated revenue guidance for 2025 of US$5.0m-US$6.0m. Polarean has potential upside many times its curren...
- Colin Smith
Polarean Imaging | Investor update presentation confirms thesis
Polarean held a presentation for investors to recap the investment thesis for its unique technology for visualising lung function and provide real life examples of its Xenon MRI imaging in both research and clinical use. Dr Alan Huang, recently appointed VP Global Sales, provided a positive update on the sales pipeline and process. Polarean reaffirmed existing guidance. However, while there was no new news, the presentation certainly helped demonstrate the enthusiasm with which Polarean's techno...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 10/03/2025
Our daily digest of news from UK Small Caps @HybridanLLP 10th March 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: None Delistings: None W...
- Colin Smith
Polarean Imaging | Xenon MRI pharma research collaboration
Polarean has announced that its Xenon MRI lung imaging has been selected by a leading global pharma company to be included in a clinical trial due to start in 4Q25. This collaboration opens up a new vertical for Polarean but more importantly provides third party validation of the unmatched lung imaging that Polarean's Xenon MRI system provides. Polarean recently announced a better than expected update for FY24 which, in our view, confirms that the company is on the cusp of hyperbolic growth with...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 27/02/2025
Our daily digest of news from UK Small Caps @HybridanLLP 27th February 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Delistings: What’s bak...
- Colin Smith
Polarean Imaging | FY24 update - Even better than expected
Polarean has published a trading update for the year to December which is even better than expected. Revenue for FY24 is anticipated to be US$3.0m-US$3.1m, above guidance of US$2.5m-US$3.0m, and more than treble revenue for FY23; our forecast was US$2.8m. Moreover, net cash at YEFY24 of US$12.1m was well above our forecast of US$10.8m and the company reiterated that it has a cash runway through 1Q26. A YoY jump in sales of over 50% in consumables demonstrates an increase in the number of Xenon M...
Polarean and SimonMed Announce Collaboration to Advance Lung Imaging I...
Polarean and SimonMed Announce Collaboration to Advance Lung Imaging Innovation One of the largest US outpatient medical imaging providers to introduce Xenon MRI platform to its network DURHAM, NC and LONDON, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Polarean Imaging plc (AIM: POLX) (“Polarean” or the “Company”), a commercial-stage leader in advanced medical imaging focused on functional Magnetic Resonance Imaging ("MRI") of the lungs, announces a strategic collaboration with SimonMed Imaging, one of the largest outpatient medical imaging providers in the United States, to expand access to Pol...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: January 2025
Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...
CLBX CELLBXHEALTH PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
ARBB ARBUTHNOT BANKING GROUP
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
ACSO ACCESSO TECHNOLOGY GROUP
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
VTAS VOLTA FINANCE (GBP)
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
SNG SYNAIRGEN PLC
IPO IP GROUP
HAT H&T GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
A0MXLB NB PRIVATE EQUITY PARTNERS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
TISSUE REGENIX GROUP PLC
- Martin Hall
Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector. The HHI fell 17.7% to 398.9, underperforming all its benchmarks – FTSE 100 (+5.7%), FTSE All-Share (5.6%) and the FTSE AIM All-Share Index (-5...
CLBX CELLBXHEALTH PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
SNG SYNAIRGEN PLC
IPO IP GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
TXG 10X GENOMICS INC CLASS A
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
Z29 TISSUE REGENIX GROUP PLC
029 GROUP SE
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