reports
- Mike Jeremy
Milestone poultry vaccine submission
Eco Animal Health reports that it has submitted a key Market Authorisation Application (MAA) to the European Medicines Agency (EMA), with supporting documentation, for its ECOVAXXIN®MS, Mycoplasma synoviae, vaccine. This represents an important step towards commercialisation for ECOVAXXIN®MS, one of nine major new vaccines under development. This is a process which we expect to be replicated and as CEO David Hallas notes, this “represents a pivotal moment for ECO”. Significantly, the Group conti...
- 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...
AGL ANGLE 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...
AGL ANGLE 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
Hybridan Small Cap Feast - 28 November 2024
* 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 What’s baking in the oven? Transferring markets: 8 November: Zentra Group plc (ZNT.L)* will delist from the Equity Transition Segment of the Main Market...
- Mike Jeremy
FY25 interims point to a stronger second half
For the six months to 30 September 2024, ECO Animal Health reported revenue of £33.2m, -13%YoY and (adj.) EBITDA of £0.45m (H1 23: £0.7m). The gross margin remained firm at 40.3% compared to 40.8% a year earlier. In the October Trading Update the Group reported that the combination of a lower incidence of disease and reduced Aivlosin® demand in China and SE Asia markets meant that FY25 (adj.) EBITDA would be c.£7.2m. Into H2 the Group has seen “demand accelerate” to the extent that 82% of market...
Hybridan Small Cap Feast - 1 October 2024
1st October 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: 18th September 2024: GenIP aims to list on the AIM market on 2 October 2024. It is targeting to raise £1.5m and anticipating a £6.5m market cap. G...
- Mike Jeremy
Trading update: headwinds in China
In a Trading Update for the six months to 30 September 2024, ECO Animal Health reports reduced demand in China and SE Asia markets for its proprietary Aivlosin® porcine treatment, reflecting lower incidence of disease and some customer churn. The Group expects the customary H2 earnings weighting (H2 FY24: 57.5%), whilst Aivlosin® continues to gain market share in India and Brazil. However, the combination of demand, foreign exchange and other factors across the full range of EAH’s global market ...
- Mike Jeremy
Strong FY24 results: 11% underlying growth
For the year ended 31st March 2024, ECO Animal Health Group reported revenue +5%YoY at £89.4m, which on a currency-adjusted basis was +11%YoY, and (adj.) EBITDA of £8.0m, +11.2%YoY which was ahead of market consensus on an improvement in margin from 8.5% to 9.0%. The impact of currency volatility was evident in gross profitability at 42.1% compared to 45.0% a year earlier; H2 recovered to 43.1%. (Adj.) EBIT was 14%YoY lower at £4.6m, a 5.1% margin compared to 6.3% in FY23. Having rallied 30%YoY...
- Mike Jeremy
FY24 ahead of expectations
In a trading update for the twelve months to end 31 March 2024, ECO Animal Health reports that revenue should be close to £90m; this compares to the March trading update outlook of £88.7m. The Group expects that FY24 (adj.) EBITDA should be in line with the current market consensus expectation of £7.8m (ED estimate was £7.6m). The year-end cash position was approximately £22.0m; we estimated £20.1m. The Group also noted EBITDA delivery against the background of maintained investment in R&D, the...
Hybridan Small Cap Feast - 04 Apr 24
4th April 2024 @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 objecti...
- Emily Liu
Hybridan Small Cap Feast 4-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: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 21 March 2024: Helix Exploration is pursuing the exploration, commercial development and monetisation of a non-hydrocarbon associated helium rich gas structure in the Ingomar Dome located in central Mont...
- Mike Jeremy
Disposal of non-core equine treatment for €1.3m
Eco Animal Health has announced the disposal of its treatment for equine parasitic infections, ECOmectin® Horsepaste, to its long-term Italian manufacturing partner ACME Drugs S.r.l. ACME will acquire all ECOmectin® Horsepaste intellectual property, manufacturing and inventory, distribution arrangements and marketing authorisations. The total consideration for the deal is €1.3m (£1.1m), comprising €0.5m paid on signature of the sale and purchase agreement and two further payments of €0.4m paya...
Hybridan Small Cap Feast - 21 Mar 24
21st March 2024 @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 object...
- Mike Jeremy
Sustained demand and continuing progress
For the year ended 31 March 2024, Eco Animal Health reports progress in both the second half and Q4, underpinned by demand for the Group’s proprietary Aivlosin® antibacterial treatment for gastrointestinal and respiratory diseases in pigs and poultry. The Group reports sustained demand for Aivlosin® across the territories it targets, which we note are worldwide: China, Japan and SE Asia, the Americas and Europe. The Group expects FY24 revenue to be in line with a market consensus estimate of £88...
ECO Animal Health Appoints Dr. Joachim Hasenmaier as Non-Executive Dir...
ECO Animal Health Appoints Dr. Joachim Hasenmaier as Non-Executive Director 12 February 2024 ECO Animal Health Group plc(“ECO” or the “Company”) Appointment of Dr. Joachim Hasenmaier as Non-Executive Director ECO Animal Health Group plc (AIM: EAH), a rapidly growing global animal health company with a portfolio of marketed veterinary products and a maturing proprietary R&D pipeline, announces the appointment of Dr. Joachim Hasenmaier as a Non-Executive Director, with immediate effect. Dr. Hasenmaier is a highly experienced commercial leader with more than two decades in the internatio...
- Martin Hall
Hardman & Co Healthcare Index: 2023 – Capital demands dent performance
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 second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (...
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ETX E-THERAPEUTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
APH ALLIANCE PHARMA PLC
AVO ADVANCED ONCOTHERAPY
OXB OXFORD BIOMEDICA PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
SN/ IMMUPHARMA
IMM PROTEOME SCIENCES PLC
PRM GENUS PLC
GNS SURGICAL INNOVATIONS GROUP PLC
SUN ADVANCED MEDICAL SOLUTIONS GROUP PLC
AMS OXFORD METRICS
OMG ECO ANIMAL HEALTH GROUP
EAH SDI GROUP
SDI HVIVO
HVO INDIVIOR PLC
INDV VALIRX
VAL SHIELD THERAPEUTICS
STX SYNAIRGEN PLC
SNG IP GROUP
IPO SCANCELL HOLDINGS
SCLP SYNCONA
SYNC ERGOMED
ERGO SPIRE HEALTHCARE GROUP PLC
SPI REDX PHARMA
REDX ASSURA PLC
AGR GENEDRIVE
GDR SPIRE INC
SR CONVATEC GROUP PLC
CTEC DESTINY PHARMA
DEST RENEURON GROUP
RENE IXICO
IXI 10X GENOMICS INC CLASS A
TXG INDIVA LTD
NDVA IMMUNOCORE HOLDINGS ADS
IMCR 2SEVENTY BIO INC
TSVT OXFORD NANOPORE TECHNOLOGIES PLC
ONT SILENCE THERAPEUTICS PLC
SLN SAREUM HOLDINGS PLC
SAR BENEVOLENTAI
BAI 123FAHRSCHULE SE
123F 1895 BANCORP OF WISCONSIN INC
BCOW TISSUE REGENIX GROUP PLC
PLP.H 3D SIGNATURES INC
Z29 029 GROUP SE
- Mike Jeremy
Interim results generate more cash
For the six months to 30 September Eco Animal Health reported revenue of £38.0m, +9%YoY, and (adj.) EBITDA of £0.7m (H1 22: £1.7m). Underlying currency-adjusted revenue growth was 15%YoY. Cash generated by operations of £4.8m compared to £3.0m a year earlier resulting in a period-end cash balance of £20.6m (H1 22: £12.9m). The loss per share was (1.93)p; (H1 22 1.95p). The gross margin at 40.8% contrasted with 45.3% in H1 22; we expect an H2 improvement based on sales mix and clarity of revenue ...
ECO Animal Health Group: 1 director
A director at ECO Animal Health Group bought 37,759 shares at 106p and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cl...
- Mike Jeremy
FY23 results ahead of expectations
ECO Animal Health Group reported revenue for the year to 31 March 2023 of £85.3m (+4%YoY) and adjusted EBITDA of £7.2m (+34%YoY), ahead of market expectations. Revenue growth was led by S&SE Asia (+42%YoY) and LatAm (+15%YoY). Gross profitability improved from a 42.7% margin in FY22 to 45.0%, whilst the (adj.) EBITDA margin was also up from 6.6% in FY22 to 8.5%. The year closed with net cash of £21.7m, with cash from operations of £15.9m (FY22: £(0.5)m), in addition to which the Group retained £...
- Liberum Research Team
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