reports
Hybridan Small Cap Feast - 17 September 2024
17th September 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour *New product launch* In addition to our Small Cap Feast, which will continue to bring you the latest IPO news and stories across the small cap universe, we will shortly be launching “Friday Takeaway”. This will delve a little deeper on individual companies and focus on non-h...
- Colin Smith
Diaceutics | 1H24 Results – Return to Profitability in Sight
Diaceutics has reported results for 1H24 in accordance with the trading statement from July which translated into a net loss for the half of £2.6m with negative EBITDA of £1.3m. The reduced financials reflect the continuing high pace of development and data acquisition for the DXRX platform together with an increased focus on marketing, which raised costs; head count ended the period at 206, 28% higher YoY. However, the company reiterated its guidance that the two-year phase of accelerated inves...
Hybridan Small Cap Feast - 23 July 2024
23rd July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to co...
- Colin Smith
Diaceutics | 1H24 trading update - continued strong performance
Diaceutics has continued its strong performance and growth across the business in 1H24. The company expects to report revenue for the half of c£12.3m, up 24% YoY or up 28% on a constant currency basis. The quality of earnings continues to improve with approximately 55% of all revenue in the period being recurring (1HFY23 47%, FY23 52%). Cash and net cash at 30 June were £16.7m, flat with YEFY23, despite continued investment into the business, in line with the accelerated growth strategy. The res...
- Colin Smith
Diaceutics | CME confirms Diaceutics market leading position
Diaceutics held its Capital Markets Event (CME) yesterday. This was not an event that set out new targets or strategy but rather served to emphasise the leading position Diaceutics occupies in the precision medicine ecosystem and therefore confirmed its growth potential. In addition, the CME added colour to the scale of development that has taken place in the capability of the DXRX platform over the last 18 months as well as emphasising the substantial changes in organisation designed to improve...
- Colin Smith
Diaceutics | FY23 results - executing on strategy
As previously disclosed, Diaceutics delivered revenue of £23.7m for FY23, up 22% YoY (+19% in constant currency) and ended the year with £16.7m in cash and net cash. The reported net loss of £1.7m was in line with our forecast. This was the first year of executing the accelerated growth strategy which was reflected in the growth in revenue, the transition to a higher proportion of recurring revenue driven by adoption of the enhanced DXRX platform while an expanded and reorganised marketing struc...
Hybridan Small Cap Feast - 9 April 2024
9th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Helix Exploration (HEX.L) a helium exploration company with operations in Montana, USA announces admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange. An Oversubscribed placing with book of demand over £22m to raise gross proceeds of...
- Colin Smith
Diaceutics | FY23 update – 22% revenue growth, £16.7m YE cash
Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY...
Hybridan Small Cap Feast - 26 Sep 23
26th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment ob...
- Colin Smith
Diaceutics - HY Results & CEO Transition
Diaceutics reported interim results reflecting the trading update for revenue, growth and composition. The gross profit for the half was £8.7m, up 38% YoY generating a gross margin of 88% (1H22 84%), despite the pressure on pharma industry spend in 1H23 which has now reversed. We leave our forecasts unchanged but with increased confidence that they will be met or exceeded. The business continues to perform in line with the growth path forged by Peter Keeling, but after 18 years, Mr Keeling is to...
- Sacha Morris
Small Cap Feast 25 07 2023
Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Announced ITF 6 July: Blackpoint Biotech plc, a medical cannabinoids company established to fulfil gaps in...
- Colin Smith
Diaceutics - 1HFY23 trading statement - a strong performance
Diaceutics has released its trading statement for the half year to the end of June, ahead of the interim results to be published on 26 September. The company reported revenue growth of 32% YoY and growth in the order book of 43%. Cash and net cash ended the period at £17.9m and the company remains fully funded to execute the growth strategy it announced in January. Diaceutics is becoming the primary commercialisation partner for pharma companies launching precision medicines with 21 of the top 3...
- Sacha Morris
Hybridan Small Cap Feast 5 June 2022
5th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Colin Smith
Diaceutics - $10m Contract Win
Diaceutics has announced a new US$10.1m multi-year enterprise engagement with a top 10 global pharma company covering a wide range of Diaceutics' subscription data services to be delivered via the company's DXRX platform. The three-year contract includes additional options which could result in a significant increase in the scope and value of the contract.
Hybridan Small Cap Feast - 17 Apr 23
17 April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv...
- Colin Smith
Diaceutics - FY22 Results - April 2023
As flagged with the trading statement, Diaceutics reported a 40% YoY increase in revenue to £19.5m generating EBITDA of £3.6m, up 53% YoY with diluted EPS of 0.84p, up 27% YoY. More important in our view, was the structural change in revenue generation to a recurring revenue model with platform-based subscription contracts accounting for 35% of revenue up from 3% in 2021, driving the development of a meaningful forward order book of £16.9m (FY21 £1.7m) for the first time. Cash and net cash ended...
- Colin Smith
Diaceutics - SVB Risk Management
Diaceutics issued an RNS statement this morning setting out its exposure to Silicon Valley Bank (SVB), which went into receivership on Friday, 10 March and the mitigating actions the company is taking. However, HSBC has announced that it has acquired the UK arm of SVB (SVB UK) with immediate effect and the UK government has announced that customers of SVB UK will be able to access their deposits and banking services as normal from today. Consequently, it seems likely that the mitigating actions ...
- Oliver Juggins
Diaceutics - FY22 Trading Update - Jan 2023
FY22 has proven to be a great year for Diaceutics, which comfortably beat revenue expectations and maintained its EBITDA margin in the face of a transitioning business model and a highly inflationary world. It has also announced a key strategic update as well as new enterprise level agreements with two “top 10 global pharma companies”. We detail these later in the note, but together they represent $7m of data subscription agreements over 2 years, which to us further highlights the success of th...
- Oliver Juggins
Diaceutics - 1H22 Results - Sep 2022
We've issued research covering Diaceutics's results for the half-year to 30th June 2022. This period has strongly validated the transition to a platform model, which now represents c.76% of revenue, a level reached about a year ahead of expectations. Not only has revenue grown 25%, but its quality as significantly improved too: 37% of revenue is now derived from multi-year subscription contracts that auto-renew, with an annual break clause. Early indicators lead us to expect low churn and high ...
- Oliver Juggins
Diaceutics - Trading Update - July 22
Diaceutics has released a strong trading update, including a 15pp increase in the proportion of sales coming from the DXRX platform, to 75%: this is hugely positive for earnings & cash flow visibility as platform revenue tends to be multi-year and recurring in nature. Revenue was +25% organically and the order book reached £10m, becoming material for the first time. Management is delivering on its goal to contract more multi-year, predictable revenue streams. We expect further material growth ...
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