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Instem (AIM: INS.L), a leading provider of IT applications to the global early development healthcare market, today gives an update on current trading. As stated in the 2011 interim results and the full year results released in March 2012, license income is becoming increasingly second-half weighted and this trend is expected to continue in the current year, with first half revenue marginally below that of the comparable period in 2011. Despite opening 2012 with a strong order book and a good pipeline of new opportunities, the Company is continuing to experience timing delays in new order placement and, following a detailed review, the Board believes the revenue and profitability for the full year ending 31 December 2012 are likely to be materially lower than current market expectations. The pharmaceutical market, particularly large pharma, is still going through a period of major structural changes and, with the uncertainty this creates, clients and prospects are deferring investment decisions. Despite this, underlying demand for Instem solutions remains strong with several large, multi-site prospects in the pipeline. In several instances, selection decisions have already been made in Instem's favour by prospective customers but order dates and final contract size remain subject to additional procurement processes.
http://www.investegate.co.uk/Article.aspx?id=201207260700125329I
Brewin Dolphin maintained its "add" recommendation for Instem Life Science Systems (INS), with a 12 month target price of 260p. The broker is encouraged by the technology company's contract win, worth an estimated 1 million dollars (0.62 million pounds), to provide Battelle with its Provantis software. Additionally, the company's takeover of BioWisdom in March has been integrated successfully and Brewin expects up to two further acquisitions in the next 12 months
Instem reports maiden figures Date: Tuesday 22 Mar 2011 LONDON (ShareCast) - Healthcare IT software supplier Instem Life Science Systems plans to launch new products and seek out acquisitions this year. Instem’s focus is on software that analyses the safety of drugs before they enter clinical trials. Revenues were flat at £10m in 2010 and so was operating profit at £2.2m. Underlying pre-tax profit fell from £2.47m to £2.1m. There were additional start-up costs for the Chinese operation and a sharp fall in interest income. Net cash was £3.3m at the end of 2010. The company’s strategy is to grow by acquisition and it has provided specific resources to seek potential acquisition targets. Instem has made its first acquisition since floating in October 2010. It is paying up to £1.5m for BioWisdom, which provides software to analyse health R&D data. House broker Brewin Dolphin forecasts a 2011 profit of £2.4m and has edged up its 2012 profit forecast to £2.9m.
Dr. Gordon Baxter, CEO and Founder of BioWisdom, stated: "The acquisition of BioWisdom by Instem creates opportunities for both companies in new but closely related markets. The combined businesses have a fantastic depth of experience across both regulated and non-regulated data environments, which will stimulate the development of new products and services for our pharmaceutical industry customers. The BioWisdom team has already identified a number of areas where our existing business will be improved by the acquisition and we look forward to working with Instem to create new, compelling solutions for data collection, management and analysis right across the R&D continuum." Phil Reason, CEO of Instem Life Science Systems plc, further commented: "Integrating the BioWisdom products into Instem's Centrus suite will significantly accelerate the introduction of new capabilities that focus on data integration, visual analytics and knowledge extraction. "The BioWisdom products come with many prestigious and highly satisfied clients, which is always a key factor when building market penetration with a solution suite that is unique in the industry. Following this acquisition, all of the world's top 12 pharma companies and 16 of the top 20 will be Instem clients, as well as thousands of academic and not for profit researchers. "The talented and complementary BioWisdom team has a very similar outlook to the existing Instem team, and their integration will increase our ability to help our clients bring new products to market quickly and cost effectively, while minimising any possible safety implications."
http://www.investegate.co.uk/Article.aspx?id=201103040700093214C
In a move to expand its capabilities, Instem Life Science Systems (INS) has acquired Biowisdom, the provider of software solutions for extracting intelligence from R&D related healthcare data, for a maximum value of 1.5 million pounds. Commenting on this, Dr. Gordon Baxter, chief executive and founder of Biowisbom, said: "The acquisition...creates opportunities for both companies in new but closely related markets." The deal is expected to be earnings enhancing in its first full financial year of ownership. Instem shares remained unchanged at 222p.
Brewin Dolphin initiated coverage on Instem Life Sciences (INS), the IT solutions supplier to the life sciences research & development market, with a "hold" recommendation and 12 month price target of 233p. The group's products are at the core of the Early Development Applications market and the firm has deep relationships with the majority of the large pharmaceutical companies and clinical research organisations operating in the market. The recent initial public offering raised a net 3.2 million pounds which the broker believes, together with existing resources and the potential to gear up to 2x EBITDA, gives the company substantial firepower for acquisitions