|I've bought in recently after these results. My concerns over growth in admin costs at the expense of growth in revenue (see post 10) have been reversed in this set of results and going forward i would hope that would continue.
revenue growth 30%
admin growth (excluding amortisation costs) 20%
balance sheet retained earnings continue to grow as does the cash pile
cash flow is exceptional relative to operating profits
the amortisation of intangibles isn't that far away from purchased intangibles
there was £3.3m due to unwinding of milestone payments which are unlikely to be repeated which deflated the profits. If i understand it correctly.
|APAD8 Mar '17 - 06:35 - 8758 of 8765 0 0
The tintins don't see what I see in Abcam's interims. Could bode well for a gradual decline, or could be that they don't look carefully at AIM shares.
Glad i dont listen to this dreadful guy. Hes got sour grapes afte rmissing the rise|
|And the bad timing award goes to me! I sold half my holding last Thursday. Never wrong to bank a profit, of course. Mr Market likes the results and I am happy to retain my remaining shares for the time being.
I have occasionally bought but never sold at the top of a market.|
|all time high
Interim Results delivering double digit sales growth
- Revenue growth of 30.4% (10.0% constant currency)1 continued to exceed market growth
- Maintain guidance of 9-11% constant currency revenue growth for full year
Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the supply of life science research tools announces its interim results for the six-month period ended 31 December 2016*.|
|and there you have it
Note cash generation!|
|TS lots of revenue growth but no mention of profit growth. At the last results revenue grew by 19% but admin costs grew by 25%. I figure this explains why no mention of profits in the TS. It's very over valued at present on fundamentals, that may not stop the share price rising but it looks high risk at this price.
|I can only agree with Panmure that the current share price overvalues this Company.
Earnings fairly static on increasing turnover.
Intangibles increasing rapidly, but not reflected in increased earnings.
Increase in Net Worth of Company due mainly to increase in Intangibles.
Does anyone have a more optimistic view?|
|TripAdvisor for Antibodies!! And before TA was thought of. Who would have thought it?Great complementary holding with HZD and BION.|
|Half Page Article about ABC on back of Telegraph business|
|is this vivisection?|
|Not a holder here, but a nice article for you guys.
Note, I hold horizon discovery|
|could come off the spike painfully|
|AxioMx Continues Work on Speeding Antibody Development After Acquisition by Abcam
Apr 08, 2016
NEW YORK (GenomeWeb) – Since being acquired last year by Abcam, antibody firm AxioMx has continued to develop its rapid antibody generation pipeline and is currently incorporating new technology that will shave an additional two to three weeks off the process.
The technology is a new system that allows for more rapid conversion of the single-chain variable fragment (scFv) antibodies screened during phage display to a full-length IgG antibody that can be used for validation. Named pMINERVA, and detailed in a recent paper in the Journal of Immunological Methods, the system brings the time required to move from scFvs to IgGs down from around two weeks to one day, which, in addition to speeding the development process also allows for a larger number of candidate IgGs to be evaluated and validated.
"The research and development [for the method] is complete, and we are beginning to incorporate it into our pipeline," Michael Weiner, a founder of AxioMx and vice president of molecular sciences at Abcam, told GenomeWeb, adding that the company was currently building out a new cell culture facility in which it will be implementing the new approach.
The incorporation of the pMINERVA system is the latest step in AxioMx's, and now Abcam's, long-running goal of significantly bringing down the time and expense of antibody development.
The company launched in 2012 with the goal of making antibodies more comparable to genomic technologies in terms of cost and speed, Weiner told GenomeWeb in a 2015 interview.
"You can get your genome sequenced in a day; you can get oligos overnight," he said. "So, the challenge [we] saw was, how come for antibodies it still takes four to six months and costs $15,000?"
AxioMx is the second antibody outfit founded by Weiner — who also helped invent 454 sequencing and RainDance Technologies' microfluidics systems, and co-founded genomics firm GnuBio — in recent years. In 2008, he, along with Stanford University researcher Michael Snyder (then at Yale University), Yale researcher Sherman Weissman, and Elm Street Ventures partner Mike Sherman, launched the biotech firm Affomix, which similarly aimed to shorten antibody production timescales while increasing quality.
Affomix was acquired by Illumina in 2010. Five years later, AxioMx was acquired by Abcam, which purchased the company last November for $45 million — $20 million upfront along with performance-based payments totaling up to $25 million to be made over the next five years based upon successful completion of commercial and technical milestones.
Abcam was interested in AxioMx's streamlined antibody production process in general, Weiner noted, but has to date employed its newly acquired technology largely for going after antibodies that are difficult to generate using Abcam's traditional rabbit-based methods.
For instance, in vivo systems are limited when it comes to generating antibodies to highly toxic antigens, he said, citing ricin as one target they have taken on. Likewise, if a human protein target is too similar to the rabbit version, the rabbit will not generate antibodies to it, making it difficult to produce reagents in this way.
"I think what [Abcam] is trying to do is have the ability to get at affinity reagents no matter what the immunogen is," Weiner said. "And so there are limitations in phage display, and there are limitations to rabbit, but [combining the two] allows you to go after a larger immunogen space."
Phosphorylated proteins, which were a primary area of concentration for AxioMx prior to the acquisition, have also remained a point of focus, Weiner said.
"We have developed specialized libraries and methods to go after phosphor-specific proteins," he said. "Epigenetics and post-translational modifications are areas of high interest in the scientific and biological world, so those are areas that continue to be of interest to Abcam as a reagent supply company."
And, of course, there is the matter of speed. Weiner said he believed one factor contributing to Abcam's decision to acquire AxioMx was the fact that the company was able to deliver an antibody three weeks after being given the target.
"I think one of the things that may have impressed them is we were able to deliver an antibody to them within three weeks of them handing us the immunogen, and that antibody was validated for immunohistochemistry," he said. Typically, Weiner added, delivery of such a reagent would take between six and 12 months.
From AxioMx's perspective, a major boon of the acquisition has been having Abcam's resources for better validating their antibodies, Weiner said. "They have a huge infrastructure for validating antibodies that we never had. They are able to do immunocytochemistry, immunohistochemistry, sandwich ELISAs — things we weren't able to do where we had to instead rely on our customers for doing the end validation."
This includes knockout validation, which Abcam began last year, inking an exclusive agreement with Horizon Discovery Group, which uses CRISPR gene-editing technology to provide the company with haploid knockout cell lines (in which the target protein has been removed) for validation of its reagents.
AxioMx's ultimate goal, he said, is to move towards a system where the entire antibody-antigen screening process is done upfront, allowing the company to more or less provide antibodies on demand as customers order them.
To do this, Weiner and his colleagues are applying a variety of the molecular biology techniques, from next-generation sequencing to emulsion-based reactions, he has worked on in previous positions at 454 Life Sciences and Raindance Technologies.
Such a system would be emulsion-based to allow for the screening of billions of individual antigen-antibody pairs at once followed by next-generation sequencing to identify the sequence of antibodies that are particular hits for a given antigen.
"Then when somebody comes to you with the need for a particular antigen you just use your database to figure out which of those microdroplets had [the antibody] that was of interest [regarding that antigen]," he said. "That is kind of the ultimate dream of mine."
In fact, Weiner said that he believes such a platform is feasible within the next two to four years, noting that it is primarily a matter of integrating existing technologies into a single workflow.|
|Very good trading update today outlining progress on all fronts.
A great British success story .
Share price at 640p almost back to the all time high of 660p reached at end of 2015 before the market-wide Jan sell off.|
|It sounds like a very good investment even though they may have to raise a little cash. I cannot begin to understand why the shares dropped yesterday, a buying opportunity methinks.|
|Interesting chart - and company; not sure whether to consider this a buying opportunity or whether it has further to fall?|
|1 May 2014: 131276 antibodies, last 90 days 130000 products to 83 countries, 26 vacancies
1 July 2014: 133073 antibodies, last 90 days 130000 products to 89 countries, 34 vacancies
21 Aug 2014: 134552 antibodies, last 90 days 130000 products to 89 countries, 39 vacancies
13 Sept 2014: 135139 antibodies, last 90 days 130000 products to 91 countries, 42 vacancies
2 Oct 2014: 135505 antibodies, last 90 days 130000 products to 92 countries, 37 vacancies
6 Dec 2014: 137045 antibodies, last 90 days 140000 products to 93 countries, 42 vacancies
30 Dec 2014: 137559 antibodies, last 90 days 140000 products to 91 countries, 40 vacancies
29 Jan 2015: 137890 antibodies, last 90 days 130000 products to 89 countries, 36 vacancies
27 Feb 2015: 137738 antibodies, last 90 days 130000 products to 84 countries, 44 vacancies
27 Mar 2015: 138171 antibodies, last 90 days 140000 products to 87 countries, 44 vacancies
3 May 2015: 138386 antibodies, last 90 days 140000 products to 87 countries, 43 vacancies
2 June 2015: 138848 antibodies, last 90 days 150000 products to 95 countries, 53 vacancies
3 July 2015: 137722 antibodies, last 90 days 150000 products to 95 countries, 54 vacancies
12 Aug 2015: 137196 antibodies, last 90 days 150000 products to 92 countries, 59 vacancies
4 Oct 2015: 137413 antibodies, last 90 days 140000 products to 90 countries, 53 vacancies|
|Building the moat.
|Have been following this company for a while. It is a super business with an excellent growth track record; brilliant prospects and a splendid balance sheet. Unfortunately, it is priced too highly for my taste. If Mr Market gives me the opportunity - at some point - to get in at a much better price I will seriously consider it when the time (if it ever) comes. GLAGLA|