Member Info for Muck165

Just for info, but I've noted on here before that Yates began liking posts from a company called Rapidemic during and after Medica in the Autumn, and he continues to do so. the latest being here. They are clearly earlier in their journey but I suspect that they are either already signed up or are one of the pipeline opportunities Yates refers to.

https://www.linkedin.com/posts/activity-7153324878547279874-nRwQ?utm_source=share&utm_medium=member_desktop

All more for info and awareness really.

To add, I think its notable that both of the accelerator programs are in the US.

In the presentation Yates disclosed that we are in the process of transferring 52 North's sepsis test into manufacturing. The test, called Neutrocheck, is a blood LFT for use at home or in a medical centre to test for Neutropenic Sepsis, which according to 52 North is the most fatal side effect of Chemotherapy treatment.

They seem to be doing quite well with it, having joined two of the largest, most competitive and prestigious healthcare accelerator programmes in the US, and made history by becoming the first-ever investment for Macmillan’s new £3.5m Innovation Impact investment portfolio.. Doesn't sound too shabby to me.

https://www.cambridgeindependent.co.uk/business/52north-joins-cedars-sinai-texas-medical-centre-accelerator-9345488/

https://www.cambridgeindependent.co.uk/business/52-north-health-makes-history-as-first-macmillan-investment-9298146/

https://nhscep.com/2023/02/07/macmillan-launches-new-3-5million-innovation-impact-investment-portfolio-by-investing-in-pioneering-at-home-neutropenic-sepsis-test-neutrocheck/

Watched it now!

Apart from the newly disclosed customers, the biggest point for me was the repeated references to helping retailers build their own product brands, and that we should hear more about this over the next six months. Only a major retailer would to do this. I go back to the apparent relationship I’ve noticed that our head of sales has with Asda Pharmacy.

Of course, it was helpful for Yates to confirm that H2 typically outperforms H1 n the business, that he’s expecting H2 this year to exceed H2 last year, and that target revenue of £8-9m is the aim within next 6-12 months. That sounded very promising time.

One last thing - it appears we paid Melanie Ross a “settlement” and Yates was coy when asked about it. Something afoot there I think although irrelevant to business prospects.

“Upfront are lauding….”

I’ve only had time to skip through the slides, but two immediate things stood out.

For the first time we have ABDX confirming they are working with Upfront.

They’ve disclosed a new customer - 52 North

https://52north.health/?

For info, are lauding their selection for this, which they say is prestigious

https://digitalhealthrewired.com/pitchfest/

Should certainly help any financing discussions currently taking place.

But to what end Steward? Seems to me like we don’t have authority to raise anywhere near enough to satisfy creditors, and then there’s working capital to worry about.

A refi, perhaps mixed in with a share consolidation, seems to me the most likely option if we van find anyone to lend. And if we can the terms will be horrible I think.

Some might think, like Gemstar, that “ongoing initiatives as previously announced” must mean the diamonds. It certainly could.

But it’s also worth remembering this from the final results;

“In the event that the receipt of the historic claim proceeds were received after 30 November 2023, management is confident that with continued progress in the realisation process Mercuria and Alpha would remain supportive. To date, Mercuria and Alpha have extended the original repayment date several times. However, as mitigation, the Company continues to engage with investors and debt providers in order to provide liquidity to repay the Mercuria and Alpha debt and to articulate the fundamental strength of the Group’s business so as to attract additional funding when required.”

So, “ongoing initiatives as previously announced” could just as easily refer to these other engagements with investors or debt providers.

The RNS says debt extended to end Jan, with a further month to the end Feb before any enforcement action can be taken.

Anyone know why they didn’t just say debt extended to end of Feb?

I don’t like the change in language either.

All reference to the parcel now substituted with “ongoing initiatives”. Could mean anything…

Just for info, but one thing I noticed is that between August, when we were told about the CP split, and the CP announcement yesterday, Cantenalucis LLC has sold down 500k shares taking them from 6.2% to 5.8% of the company. I don’t really think there is much to that at all - it’s a modest sell down over the last 5 months, but always good to be aware of these things.

I keep looking but don’t think it’s been put out yet. Today some time I would imagine.

Thanks PW.

Again in a blog, Yates has disclosed details of another ABDX customer - Protak Scientific and it seems we can expect more blogs over the next 6 weeks, perhaps again disclosing client details.

Couldn’t have said it better John.

Bit of a strange comment DrM- doesn’t seem to me that anyone posting this morning has turned negative on here?

All of the usual Pumpky, ie all wages, cost of sales, operational overheads etc.

Anyone have a view on the fact that we no longer appear to have an FD? It’s great we’re promoting internally but I can find next to nothing about our new financial controller although I suspect this is likely to be her;

https://www.linkedin.com/in/laura-towse-cgma-ba-hons-4a61bb82/?originalSubdomain=uk

If is is, and not to be disparaging, she doesn’t seem to me to be hugely experienced…

Seems to me that Yates is effectively taking executive responsibility for finance within the business. I’ve no real issue with that - it will save money and he has plenty of experience and qualification for that role.

We are left with Hand and Yates as the only remaining Exec directors, and Mary Tavener as the sole NED.

We don’t really a a covid business any more though, apart from being one of many distributors of a third party test.

I agree Apre, the drop today is just the traders moving on. We do still have lots to look forward to in the short term with Loop, Upfront, Folium and potential FDA approval of Salistick. CEO of Loop, BTW, just got recognised by Forbes as a “change maker”. The presentation later will be interesting.

And ref the concert party, it just seems odd to me that so much time and effort has been put into splitting the original and now making what seem very minor changes. The only outcome I observe is that the founder group now just consists of Yates, Hand, and their families, but then that doesn’t seem particularly strange.

Mixed feelings today because the update, whilst ok, was light on detail and not as good as I had hoped for. Period comparable at 118% looks great on paper, but then H1 last year was a poor period. Reality is that H1 this year has fallen £500k on H2 last year, but remember that Yates said in the last Investor Meet presentation that things quieten for the business in the first quarter of each year when academics holiday, so perhaps that’s unsurprising.

The elephant in the room is of course cash, which at current burn rate will last 9-10 months.

That's interesting Trader because your buy hasn't printed yet on my L2 so I'm imagining there could be a few delayed prints.