reports
- Mike Jeremy
ECO Animal Health - FY26 trading update: adj. EBITDA materially ahead
- Revenue +8% YoY; FY26E raised to £86.0m (+3%) - North America lifted to £23.0m (+7% YoY); Latin America to £16.7m (+2%, reversing an 18% FY25 decline) - Gross margin nudged up to 45.5% on better pricing and input costs - Adj. EBITDA "materially ahead" of expectations; raised to £8.2m (12% YoY growth, 9.5% margin) - Forecasts raised across all three years - ECOVAXXIN® MS commercial launch across key European markets in 2026/27; peak revenue potential £22.2m - ECOVAXXIN® MG also in pipeline; pea...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 11 March 2026
11th March 2026 @HybridanLLP Our daily digest of news from UK Small Caps * 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: Tapir Holdings (TAPH.L), t...
- Mike Jeremy
Eco Animal Health - ECOVAXXIN® MG receives US safety validation
Following the recent announcement of plans for commercialisation of ECOVAXXIN® MS, ECO Animal Health announces that the United States Department of Agriculture (USDA) has delivered a favourable safety assessment of ECOVAXXIN® MG, the Company’s live poultry vaccine targeting Mycoplasma gallisepticum. The USDA review and acceptance of ECOVAXXIN® MG safety data represents an important step towards securing marketing authorisation for the vaccine in the United States. EAH has estimated that ECOVAX...
- Mike Jeremy
Eco Animal Health - ECOVAXXIN® MS commercialisation begins
Following the announcement in December 2025 of European Commission marketing authorisation, Eco Animal Health has announced its commercialisation roadmap for deployment of ECOVAXXIN® MS across key European territories in 2026/27. The Group notes that it expects sales of ECOVAXXIN® MS to be immediately margin accretive and, from FY28, make a “material contribution to EBITDA”. In line with Group estimates, we expect peak ECOVAXXIN®MS revenue of c.£22m1 by 2031. ECO has outlined a clear path towar...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 26 February 2026
26th February 2026 @HybridanLLP Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor 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 contrac...
- Mike Jeremy
Early EU authorisation for ECOVAXXIN® MS
ECO Animal Health Group has announced that the European Commission has adopted the decision granting EU marketing authorisation (MA) for ECOVAXXIN® MS, the poultry vaccine against Mycoplasma synoviae. This important authorisation is key to commercialisation of this, the first of several major products under development to receive approval. As the Group notes, the MA has been issued over a month earlier than anticipated. ECOVAXXIN® MS provides active immunisation of future layer and breeder chi...
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 1 December 2025
1st December 2025 @HybridanLLP Our daily digest of news from UK Small Caps * 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: Sterling Digital (AQSE:AS...
- Mike Jeremy
Eco Animal Health - HY26: momentum accelerates
Eco Animal Health delivers a strong H1 FY26 performance. Revenue surged 19% YoY to £39.4m, ahead of guidance, with adjusted EBITDA up to £3.0m from £0.4m last year. Regional growth was impressive: North America +30% YoY and China & Japan +48% YoY. Gross margin improved to 49.6%, boosting cash from operations to £4.5m and a cash balance of £18.6m. Regulatory progress continues with the EMA granting a Positive Opinion for ECOVAXXIN®MS, paving the way for EU approval and commercial launch in H2 FY...
- Mike Jeremy
Eco Animal Health - ECOVAXXIN® MS EU authorisation paves way for comme...
Eco Animal Health reports that the Committee for Medicinal Products for Veterinary Use (CVMP) of the European Medicines Agency (EMA) has adopted a Positive Opinion recommending the granting of EU marketing authorisation for ECOVAXXIN® MS, the EAH vaccine against Mycoplasma synoviae in poultry. The authorisation represents a significant step towards commercialisation. CEO David Hallas commented: "We are delighted to have received a Positive Opinion from the CVMP for ECOVAXXIN MS …This marks an e...
- Mike Jeremy
First half trading significantly stronger
In a statement to accompany yesterday's AGM, Eco Animal Health reports that trading in the first half of FY26 “has been significantly stronger compared to the same period last year” despite “currency headwinds and tariff challenges”. Revenue is seen over 15% ahead year-on-year (H1 2025: £33.2m), i.e. indicative of c.£38m, with particular strength seen in the China/Japan segment (over 40%YoY growth) and North America (over 25% YoY growth). The Group also expects to report improved gross margins f...
- 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...
- Mike Jeremy
Strong second half boosts FY25
For the year to 31 March 2025 Eco Animal Health reported results in line with the outlook of the April Trading Update: revenue of £79.6m (FY24: £89.4m) and (adj.) EBITDA of £7.3m (FY24: £8.0m). The Group benefited from a strong second half, which was underpinned by sound cost control and pricing discipline. Gross profitability was 45.1% (FY24: 42.1%) with H2 at 48.6% compared to 43.1% a year earlier. The year-end cash position was, as expected, £25.0m. On 3.7x FY26E EV/(adj.) EBITDA, Eco Animal...
- Hybridan Team
Hybridan Small Cap Feast: 24/04/2025
Our daily digest of news from UK Small Caps 24th April 2025 @HybridanLLP * 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 Dish of the day Admissions: None Delistings: None What’s baking in the oven? Potential** Initial Public Offerings: 18th March: Uranium Energy Exploration,...
- Mike Jeremy
Trading update: FY25 EBITDA marginally ahead
In a Trading Update for the year to 31st March 2025, Eco Animal Health reports that, due to strong trading in the final quarter, (adj.) EBITDA for the year is expected to be marginally ahead of expectations. FY25 revenue is expected to be c.7.0% below market expectations (-5% on a currency-adjusted basis), indicating revenue of c.£79.4m; the Group references market consensus FY25 (adj.) EBITDA of £7.2m (ED Est: £7.2m) and revenue of £85.3m (ED Est £84.2m). The improvement in EBITDA is driven by ...
- 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...
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
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...
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