reports
- 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 (...
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DEMG DELTEX MEDICAL GROUP PLC
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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
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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
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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
Ergomed strongly positioned for future growth in new partnership with ...
Ergomed strongly positioned for future growth in new partnership with Permira PRESS RELEASE Ergomed strongly positioned for future growth in new partnership with Permira Permira completes acquisition of Ergomed for £703.1 millionThrough this partnership, Permira will support Dr. Miroslav Reljanović and the team in Ergomed’s next phase by accelerating the growth of the businessInvestment to focus on commercial expansion, technology and strategic M&A Guildford, UK and London, UK – 14 November 2023: Ergomed plc ("Ergomed") and Permira Advisers LLP ("Permira"), are pleased to announce the c...
- Liberum Research Team
- Liberum Research Team
- Sean Conroy
Ergomed - Solid FY22 marked by broad-based growth
Ergomed reported FY22 results broadly in line with our expectations. Group revenues grew 22.5% y-o-y to £145.3m, underpinned by sustained demand for both the CRO and PV segments and supported by the ADAMAS acquisition and foreign exchange benefit. Adjusted EBITDA rose 11.5% y-o-y, although margins were comparatively lower (19.5% versus 21.4% in FY21) due to previously flagged incremental investments in technology and senior management hires. The order book remained robust at £295m (up 23.1% over...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Edward Thomason
- Seb Jantet
LIBERUM: Ergomed - An interesting buying opportunity
The recent prelims showed that Ergomed isn’t immune to the downturn, with organic revenue growth rates lower than expected. Some variability isn’t unusual, and our analysis of the order book suggests that Ergomed has a good shot of hitting market expectations. However, it does mean that forecast risk for FY23E is higher than usual. Given Ergomed’s revenue dynamics, a good start to the year is crucial, and the initial signs are encouraging - we should know the FY23E outturn by June’s AGM. We rema...
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Edward Thomason
- Seb Jantet
LIBERUM: Ergomed - Initiation - Premium quality, premium price
Ergomed is a premium quality company that has always traded at a premium valuation and, until recently, it has been hard to make a Buy case. However, with the shares largely marking time over the last few years and Ergomed delivering strong growth they have now derated enough to support a Buy case. In our view, Ergomed’s market position, growth potential and attractiveness as a takeover candidate supports a premium valuation and we initiate with a Buy recommendation and 1355p price target.
- Sean Conroy
Ergomed - Exiting FY22 on a strong footing
In the run-up to Ergomed’s FY22 trading update (expected end-January 2023), we take a fresh look at our estimates for the company and make minor adjustments to our projections to incorporate recent forex trends (primarily related to the US dollar strengthening in H222), management feedback and increased clarity on business performance. We raise our FY22–23 top-line estimates by c £2m for both years (benefiting from forex tailwinds), although our profitability and margin expectations remain large...
Ergomed (ERGO): Two key management changes
Edison Investment Research Limited Ergomed (ERGO): Two key management changes 21-Nov-2022 / 10:45 GMT/BST London, UK, 21 November 2022 Ergomed (ERGO): Two key management changes In a strategic move to support its business development plans and digitisation efforts, Ergomed has announced two senior appointments to its executive team. Michael Spiteri, a serving non-executive director at Ergomed, has been named as the chief transformation and technology officer and Jonathan Curtain has been appointed as deputy chief financial officer. Amid the sustainable and strong momentum i...
- Sean Conroy
Ergomed - Two key management changes
In a strategic move to support its business development plans and digitisation efforts, Ergomed has announced two senior appointments to its executive team. Michael Spiteri, a serving non-executive director at Ergomed, has been named as the chief transformation and technology officer (CTTO) and Jonathan Curtain has been appointed as deputy chief financial officer. Amid the sustainable and strong momentum in Ergomed’s business in H122 despite market softness, we see that the new additions as unde...
Ergomed (ERGO): Poised for a strong FY22
Edison Investment Research Limited Ergomed (ERGO): Poised for a strong FY22 04-Oct-2022 / 12:51 GMT/BST London, UK, 4 October 2022 Ergomed (ERGO): Poised for a strong FY22 Ergomed released full H122 accounts following its July 2022 trading update, the key takeaway of which was the sustained strong momentum across both business segments despite the underlying biotech market softness. The 24.8% y-o-y revenue growth was supported by geographical expansion, forex tailwinds and a £4m contribution from the ADAMAS acquisition. This in turn translated into robust margins (albeit s...
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