ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 06/12/2025

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 12/06/2025

Diagnostic Medical Systems : Imaging2027: a return to basics that prom...

Since 2022, DMS Group, the French leader in conventional radiology, has streamlined its portfolio by refocusing on medical imaging and launched an ambitious strategy out to 2027 (#Imaging2027). The goal is to achieve € 70m in revenue (vs. € 46m in 2024) and generate an EBITDA margin of 14% (vs. 6% in 2024). The hybrid model introduced by the new management (OEM and own brand), supported by a differentiated offering (Platinum, Stratos, Onyx, !M1, ADAM), opens up a cycle of profitable growth. We a...

Diagnostic Medical Systems : Imaging2027 : un retour aux sources porte...

Depuis 2022, DMS Group, leader français de la radiologie conventionnelle, a rationalisé son portefeuille en recentrant son activité sur l’imagerie médicale et lancé une stratégie ambitieuse à horizon 2027 (#Imaging2027). L’objectif est d’atteindre 70 M€ de revenus (vs 46 M€ en 2024) et de générer une marge d’EBITDA de 14% (vs 6% en 2024). Le modèle hybride insufflé par le nouveau management (OEM et marque propre), soutenu par une offre différenciante (Platinum, Stratos, Onyx, !M1, ADAM), ouvre u...

Diagnostic Medical Systems: 1 director bought

A director at Diagnostic Medical Systems bought 126,021 shares at 1.555EUR and the significance rating of the trade was 71/100. 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 ...

FY18 revenues: uninspiring

FY18 revenues: uninspiring EARNINGS/SALES RELEASES FACT DMS released FY18 sales which reached €24.3m (-10%), including a 12% fall in the historic Imaging business to €23.3m (95% of total revenues) and an increase in Wellness and Biotech (from €0.5m to €1m). ANALYSIS The same story as previous quarters: new segments are growing (from scratch) while the historic Imaging business was still down, but at a slower pace (around 5% according to us). As a result, revenues in FY18 landed sig...

A new potential deal

A new potential deal M&A /CORP. ACTION FACT DMS announced it has entered into exclusive talks with Hybrigenics, a bio-pharmaceutical company listed on the Euronext Growth market of Euronext Paris. ANALYSIS In short, the negotiations have only just begun. DMS would contribute its DMS Biotech division and get an 82% stake in the new entity. This said, the relative valuations need to be worked out. The due diligence process is only starting and the shareholders of both companies will then hav...

Some (vague) results on arthritis

Some (vague) results on arthritis SIGNIFICANT NEWS FACT DMS announced on Friday what it calls the “first results” on its arthritis activity (utilisation of cells from adipose tissue in the treatment of arthritis). ANALYSIS The trial was conducted on 40 patients suffering from knee arthritis, treated and checked after 1 week, 1, 3 and 6 months after the injection. While the study is still going on (to have a 12-month check), DMS indicates that the 6 months results will be released toge...

The new factory (at last) in sight

The new factory (at last) in sight SIGNIFICANT NEWS FACT DMS announced that it has reached an agreement with all parties for the construction of a new production unit, which should be up and running in Q2 20. ANALYSIS The factory will replace and gather the three current sites (Montpellier, Nîmes and Lunel) into one single building, with obvious savings on logistics, while the cost should remain the same according to management. The building will be leased over 12 years to SCPI Pierval, w...

9 months 2018 sales: a tick better, from a low basis though

9 months 2018 sales: a tick better, from a low basis though EARNINGS/SALES RELEASES FACT DMS released 9 months 18 sales which reached €16.9m (-12%), including a 15% fall in the historic Imaging business to €16.2m and an increase in Wellness and Biotech (from €0.4m to €0.7m). ANALYSIS As usual (see our comments for Q1 and H1 18), new segments are growing from a very low basis while the historic Imaging business is still decreasing, albeit at a slower pace in Q3 (-15% in 9 months vs ...

An agreement with UGAP

An agreement with UGAP SIGNIFICANT NEWS FACT DMS announced that it has been selected as a supplier to UGAP – a French public purchasing body – for its Platinum and Optima DRF solutions. ANALYSIS Again, the group puts forward a release that looks positive news. According to management, the agreement signed with UGAP (to be carried out through NGI’s salesforce) could bring as much as €10m in sales for DMS over four years. Why not. That said, a number of past releases have mentioned o...

H1 18: not so bad after all (DMS)

H1 18: not so bad after all TARGET CHANGE CHANGE IN TARGET PRICE€ 1.30 vs 1.29 +0.88% Our opinion has turned to a "Buy" despite the fact our target price has not materially changed after the release of the H1 18 results. This is due to the fact the stock price has collapsed after the release of very weak top-line numbers (end of August). That said, the favourable mix has enabled the group to save results and it seems to be in line with our previous forecasts for FY18 and beyond.

H1 18 results: not so bad given the poor top-line

H1 18 results: not so bad given the poor top-line EARNINGS/SALES RELEASES FACT DMS released its H1 18 results. Sales (already announced on 29 August) reached €10,701k (vs €12,700k, or -16%), EBITDA €-1,008k (vs €-1,211k), EBIT €-1,776k (vs €-1,914k) and net result €-1,849k (vs €-1,603k). Net debt at the end of H1 reached €3.8m vs €1.7m at the end of FY17. ANALYSIS The H1 18 results are not sexy, this is a fact. That said, they do not look as disastrous as one could have...

Merging with Intrasense? Cancelled

Merging with Intrasense? Cancelled M&A /CORP. ACTION FACT DMS announced this morning the end of talks with Intrasense, with which it was supposed to merge its Imaging business. ANALYSIS As a reminder, DMS had announced in May that it had entered into exclusive negotiations with Intrasense, a listed Montpellier-based company which designs Myrian®, a software solution allowing medical images’ visualisation and analysis. If the deal had gone through, DMS would have contributed its imaging ...

Nothing new under the rain

Nothing new under the rain EARNINGS/SALES RELEASES FACT DMS released H1 18 sales which reached €10.7m (-16%), including a 19% fall in the historic Imaging business to €10.1m and an increase in Wellness and Biotech (from €0.2m to €0.6m). ANALYSIS No big change compared to what was witnessed in Q1. New segments are growing, from a very low basis though and despite the rather intense communication of the group in H2 17/Q1 18 which probably suggested a higher absolute level. On the cor...

A disappointing Q1 18...and a few question marks (DMS)

A disappointing Q1 18...and a few question marks OPINION CHANGE CHANGE IN OPINIONAdd vs Buy CHANGE IN TARGET PRICE€ 1.51 vs 2.11 -28.4% Our target price goes down quite substantially. This reflects lower expected earnings and the doubts we have on the group. Even if the new segments could be successful (which has yet to materialise), the core Imaging segment is hardly making any progress in terms of either activity or profitability. We have to be convinced by the strategy of the group, whi...

M&A and a new financing don't hide a poor Q1 trading statement

M&A and a new financing don't hide a poor Q1 trading statement EARNINGS/SALES RELEASES Many pieces of news at the same time. As far as certainties are concerned, Q1 18 revenues are weak and the group will find it hard to generate any profit at all in FY18. As a reminder, FY17 ended up with a net loss of €2.5m (o/w €1.3m in Imaging), while the start to the current year was undoubtedly poor. Concerning the potential deal with Intrasense, it is probably too early to draw conclusions (and the ...

Weak FY17 results; all hopes on the new segments?

Weak FY17 results; all hopes on the new segments? EARNINGS/SALES RELEASES FY17 was weak. If the group has ambitions in its new segments (Wellness and Biotech), it will still need to convert these into results and cash while the market will also be scrutinising the evolution of the historic imaging business, still by far the group’s main activity with c. 98% (!) of sales. The stock is a bet on DMS’s new segments. FACT DMS released FY17 results. Revenues reached €27.1m (vs €37.4m), EBI...

A contract in Japan for DMS Wellness

A contract in Japan for DMS Wellness LATEST FACT DMS announced DMS Wellness has signed a contract with Japanese Ritsubi for the supply of a minimum 400 Cellis devices over the next three years. ANALYSIS As a reminder, Cellis is the group’s cellulite and lymphatic drainage solution, part of the Wellness division. The agreement should lead to 400 deliveries in the next three years. This is undoubtedly good news, with the first revenues of the Wellness division now at reach, as we wrote on ...

A contract in China for DMS Wellness

A contract in China for DMS Wellness LATEST FACT DMS announced DMS Wellness has signed a contract with Chinese JCCO for the supply of a minimum 400 Cellis devices over the next five years, for total revenue that could reach €10m. ANALYSIS As a reminder, Cellis is the group’s cellulite and lymphatic drainage solution, part of the Wellness division. The agreement should lead to 400 deliveries in the next five years (the first ones are supposed to occur in the next few weeks) with a turno...