Member Info for Hemo

Yes there is lots to be positive about but I don’t think costs are under control when you look at the duplication of roles on the board and disproportionate cost. It is difficult to justify getting on for £1.5m of director salaries when the company will not produce more than £4.5m of gross profit this financial year and therefore a significant overall loss.

Can anyone answer the following? Why was the placing done in two tranches? Why did the directors subscribe only at the time of the second tranche? Finncap organized the placing jointly and will be paid for it but I thought Reynolds had sorted this himself because Finncap were useless? Why did Barry Hextall not participate in the placing and buy shares on the open market instead? Thanks

What RNS? I can’t see one?

RNS last Friday said strategic review would be released this calendar year, can’t see it being in next 2 weeks?

The growth rate between H2 2017/18 and H1 2018/19 concerns me. Although test volumes increased by 21%, revenue increased by 7%, which means that revenue per test is falling, presumably because of the greater proportion of international sales. The increase in test volumes of 21% was also lower than the 27% growth rate reported between H1 2017/18 and H2 2017/18.

Growth in test volumes has been slowing and so has the average revenue per test.

We need more new contracts to come onstream.

With a cost base of c.£10m per annum (it will inevitably increase from the £9m to 31/3/18 because of the appointment of Rees and Jefferys as well as the expected growth) we need sales of roughly £19m to £20m just to break even, or 180,000 tests.

This is not going to happen until y/e 31/3/20 at the very earliest and most likely y/e 31/3/21.

My forecast for loss before any exceptionals to 31/3/19 is £4-5m. This is not a small loss as Loserfrith claims.

Why are we buying stock from Illumina when our service with them is not starting until 2020? Seems ridiculous to me!

I cannot see Illumina buying us until we have established a service with them.

I keep on holding although I am very disillusioned. I even bought more at 13p last week because I thought with the settlement secured we could move on and the future was brighter, but I feel royally shafted by the Board.

It's easy to blame finncap but the Board needs to take responsibility for this farce. They should have known better.

Let's see what tomorrow brings but I won't be selling for now.

On current run rate will need to raise more funds Q1 2019.

Let's hope there is news before then.

Pleased to hear we are actively marketing to large mining companies now but where are the results of the further studies done on Mankayan and Eureka?

Dubious at worst of course!

Let’s make no mistake these were terrible figures with no confirmation of breakeven and derisory revenue growth since the last half, all of which was made worse by the after hours release of the final results on the last day they had to be published, topped up by a placing. You couldn’t make it up. I am not sure about the future of NIPT now but I do think this placing will get away with £0.8m of the funds coming from directors. The problem is we then have to wait for the outcome of the strategic review and the inevitable need for more funds, which will depress the share price. I think it is time for a change of Chairman. Reynolds confirmed operational breakeven at the trading update RNS in May but the lack of reference to it in the final results suggests it was untrue. His links to Winnifrith are unhelpful at best and dubious at best. Let’s hope we survive because the going concern note was pretty gloomy and was no doubt the reason the results were released so late because they had to agree it with the auditors.

I am comparing revenue NOT test volumes. Fact is H1 revenue 2018/19 was £3.8m and H2 revenue 2017/18 was £3.55m. This is not a seasonal business so that makes growth of 7%. Of course I need to see the detail of that revenue but it’s single digit however you look at it.

Pretty disappointing. No mention of operating breakeven this financial year. Growth in H1 2018 vs H2 2017 non-existent at less than 10%. Did anyone spot anything positive we didn’t know except we will probably look to enter the US market? Why did this have to wait until after hours?

So what’s the latest time for an RNS? 23:59.59?!!!

If they are not going to publish the results today they should at least let us know and explain why. But this should have been done at the start of the day. Doing this now at the end of trading on Friday afternoon is terrible. But not doing it would be worse.

Aside from the uncertainty this is creating is there a penalty for not publishing your year end financial results in line with the AIM rules (apart from deterring future investors and upsetting existing ones)?

So where are the bl00dy results? This is incompetence and confidence-sapping in the extreme. It all looked good after the settlement but it is all about trust and communication and delivery in markets. A big black mark for the CEO I’m afraid.

Don’t we have a commercial guy already, is it Peter Collins?

This must be a bit of a blow to TF though that they will inevitably sell no sequencers through Premaitha in not only the UK but also 15 other European countries? I’m sure they were expecting only UK not Europe as well? It seems to me a bad deal for TF, which is perhaps why it has taken so long to negotiate? I accept there is more growth outside Europe but nonetheless they would have preferred the loss to be only the UK. Perhaps we will have both Illumina and TF fighting to take us over one day! I would have liked a statement about the relationship with TF, even it was just a bland, general one.

Great news today and much progress to be happy about. I am amazed the share price did not double though! The RNS was silent on a few key questions: How much will it cost to migrate existing customers to the Illumina platform and who will pay for it? How many customers will we lose? What are the implications of this deal for the relationship with TF and any future takeover? What are the legal fees we have incurred to resolve this that have not yet been disclosed? Is it included in the £1m? What will the license fee be per test? What are the costs of running two platforms? Does the new addressable market include the US? Good luck everyone and I hope I will reach my breakeven of 16p very soon!

What is the ‘Philippino way’ please?

Yes but I wouldn’t want anyone buying a stake in BZT at only a 20% premium to the current price!

It’s September and we’re still waiting for y/e March results. Still it has to be in the next four working weeks!