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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ekf Diagnostics Holdings Plc | EKF | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.20 | 0.80% | 25.30 | 16:35:24 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 25.50 | 25.30 | 25.90 | 25.30 | 25.10 |
| Industry Sector |
|---|
| HEALTH CARE EQUIPMENT & SERVICES |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 28/03/2023 | Final | GBP | 0.012 | 02/11/2023 | 03/11/2023 | 01/12/2023 |
| 29/03/2022 | Interim | GBP | 0.012 | 03/11/2022 | 04/11/2022 | 01/12/2022 |
| 29/03/2022 | Final | GBP | 0.012 | 03/11/2022 | 04/11/2022 | 01/12/2022 |
| 30/03/2021 | Final | GBP | 0.011 | 04/11/2021 | 05/11/2021 | 01/12/2021 |
| 15/07/2019 | Interim | GBP | 0.01 | 16/11/2020 | 17/11/2020 | 01/12/2020 |
| 15/07/2019 | Final | GBP | 0.01 | 05/11/2020 | 06/11/2020 | 01/12/2020 |
| Top Posts |
|---|
Posted at 30/1/2025 11:29 by wan My assessment and opinion with regard to the three points/approaches to deliver further value to shareholders in 2025:1. Via internal investment to support organic growth: As this comes first, this appears to be the most likely and preferred option. Which one assumes supports the rationale to accelerate away from the low margin/zero growth products, and more than offsets their loss with internal development that delivers products with much higher margins and growth prospects. Two such avenues spring to mind: The potential for a new glucose/BHB test which would be a proprietary product that would compliment their existing BHB lab testing business, addressing an 'additional' market of $59m in the US. JB stated at the 2024 half-year presentation that they will have feasibility completed on their new glucose/BHB test by Christmas 2024. EKF manufactured enzymes utilised internally that enable new EKF manufactured tests and point-of-care products. 2. Enhancing M&A opportunities: This requires a disciplined approach to due diligence and a clear vision, meticulous planning and a strategic approach to integrations. The track record in this regard, especially in terms of increasing shareholder value, does not exactly fill many with confidence! 3. The potential implementation of an additional share buy-back programme: One assumes that the 1.2m shares currently held in treasury are likely to be cancelled. And that the word "additional" is because there was an authority in place in 2024, which will expire at the next AGM and will be replaced/increased. Nonetheless, providing that management prioritises reinvestment in EKF via development and products with the highest growth prospects and where the returns make sense, it could further improve shareholder returns (as well as implying the shares are undervalued). Clearly, the management recognise the need for real change and improvement, hence the implied changes and forthcoming changes. Importantly, neither is the market going to reward EKF for the status-quo. From my perspective, I can see and appreciate the potential. However, evidence and 'delivery' of real positive impactful change that delivers improved shareholder value is now a requirement, anything short of that is not acceptable, with no further apologies accepted from Julian Baines for failure, or even small misses, because that's effectively what we have had for too long now! Like many others, and in case it's not already clear, my patience has been worn to paper thin! So, lets hope we are indeed in the trough, and that the absent and overdue positive updates start to flow! |
Posted at 23/1/2025 08:52 by wan EKF is very cash generative and currently sitting on around £15m in cash. Apparently, the Board will thus be thinking about what to do with the cash, especially as EKF continues to generate further cash.So, one potential catalyst might be the reinstatement of a dividend policy, which I am sure would be well received. A 1p dividend would cost around £5m and would currently equate to a yield of around 4%, still leaving capacity for significant investment. Given the the completion of the rationalisation process (which is set to deliver further benefits from margin improvements), a combination of growth and a dividend policy would, in my view, be a very good place to land, in turn sending a strong signal to the market (given the current low valuation, especially when stripping out the current cash element and future cash generation). |
Posted at 22/11/2024 09:47 by wan Clearly there are sellers of EFK shares.However, I personally don't think there is anything wrong fundamentally, aside from the obvious selling pressure which appears to be more about sentiment and factors affecting the market as a whole, as opposed to EKF's prospects (unless I am missing something!). Important questions are: where could the catalysts come from? And will any catalysts change sellers perspectives, or just delay their intentions (merely taking advantage of an improved price/demand)? Clearly there is an overhang, so one catalyst could be when the seller/s are finished, and/or demand outweighs the seller (clearly buyers appear to ultimately need more than just EKF appears cheap!). EKF is cash generative, so one potential catalyst would be the reinstatement of a dividend policy, which without much doubt would be well received, especially given the stickiness of inflation and the prospect of interest rates remaining higher than envisaged. Currently, there is nothing factored into the share price for improved growth prospects, so a confirmation that growth is being both delivered and forecasted would, on its own, be well received. And even better if that was backed up with an emerging or reinstated dividend policy! On a question as to the correct strategy being in place at South Bend, JB stated that he was personally tired with saying we haven't delivered on what we should have from South Bend, but countered that the South Bend business hasn't seen any downside and that the business was very strong with considerable upside going forwards. However, given that South Bend has underwhelmed to date, the market is not rewarding anything for the potential, which is fair enough......but may change if the potential and considerable upside actually starts being delivered and realised! A positive update in this regard would, at the very least, also improve sentiment. Additional enzymes that are held in EKF storage, along with EKF's existing enzymes and IP, could apparently deliver a new EKF glucose/BHB test. Management has stated that the new test will be very complimentary to EKF's established lab-based BHB testing, and also stated that EKF will have feasibility completed on their new glucose/BHB test by Christmas. I believe that a positive update in this regard would also be well received, but would need something beyond "we think this works" etc to effectively move the needle, such as a technology breakthrough/acceler There is more to add to the list, so please feel free to add potential, realistic upside or downside catalysts. |
Posted at 15/11/2024 09:43 by wan Related to diabetes: EKF is the market leader for B-HB liquid reagent – increasingly used to identify patients with diabetic ketoacidosis. Of note, perhaps, is EKF's capability and capacity to significantly increase the production of B-HB related products.I have raised the idea of opportunities beyond testing of Beta-Hydroxybutyrate (BHB), which is already a large and growing market for EKF. The following recent study, amongst a number of recently published studies prompting interest in investigating potential beneficial applications of BHB beyond testing, offers much food for thought - Researchers Discover New Metabolic Compound That Regulates Body Weight November 12, 2024 Scientists at the Baylor College of Medicine, Stanford University School of Medicine, and collaborating institutions published a study, “A β-hydroxybutyra Until now, β-Hydroxybutyra Full story - But let's not overlook the importance of BHB testing, and not to mention EKF's stored cell lines as having the potential to be a significant growth driver from a combination of commercial sales, and from utilisation internally enabling and augmenting point-of-care products, such as a BHB/Glucose test-strip and reader, which EKF has IP around. This in-house ability and IP will enable the production of a superior and proprietary product that would compliment their existing BHB lab testing business, addressing an 'additional' market of $59m in the US, plus additional opportunities outside the US. |
Posted at 04/11/2024 08:55 by wan Staying with Hematology and the supply chain; Managing directors authorised to represent EKF, including EKF's Chief Operating Officer, are speaking at the following meeting -Yin and Yang of the Supply Chain perspectives of supplier and client Friday, November 8, 2024 | 10:00 a.m. - 4:30 p.m. | DECHEMA-Haus, Frankfurt Supply chains have been disrupted for some time now. Whether it's Corona, container ships stuck in the Suez Canal or raw material shortages - it's no longer a given that (intermediate) products arrive at the right place at the right time. How do companies deal with these challenges? How do suppliers and buyers come together under these conditions, and what new paths are companies taking to make their supply chains robust? This is the topic of the 2024 autumn meeting of the Managers' Network, where practitioners from pharmaceuticals, medical technology and diagnostics will report. agenda 10:00 am - Welcome and introduction 10:45 am - Impulse lectures from practice Moderation / discussion: Susanne Simon / Anna-Katharina Heide EKF - We ensure the national blood supply: From the outside in: Process outsourcing and its limits Olga Suckau, COO/ Managing Director EKF Diagnostics EKF - We ensure the national blood supply! In-house production: regain control! Dirk Schulz, Managing Director EKF Diagnostics Balancing act: BIOTYPE as CDMO – Between unclear forecasts, delivery security and demanding product specifications Manja Böhme, CCO Biotype Of challenges and opportunities: Insights from a medium-sized buyer into the supplier landscape Kerstin Korn, COO Biotype Outsourcing in pharmaceutical development: Opportunities and risks of global and local partnerships” Tanja Velmans, Director Portfolio & Strategy Management Analytical Development Novartis 12:20 pm - Discussion |
Posted at 21/9/2024 08:19 by wan Looking forward, and coming back to Presentation points worthy of particular mention:EKF's connectivity platform. EKF Link is EKF's in-house developed data and device management system, which is test agnostic and can be used on any platform beyond EKF's analysers. Its adaptability and ease of use make it a valuable connectivity addition to any healthcare setting, including hospitals, laboratories, blood banks, pharmacies, and general practitioners - What also caught my attention (at 36 mins in) is the fact that EKF Link is proving to be so popular that it is also driving enquiries beyond EKF's own point-of-care portfolio, with EKF receiving approaches from companies with 'approved' testing technologies where they haven't got the effective distribution channels that EKF has. The enquiries are not just about utilising EKF Link to provide important connectivity options, with EKF being asked if they would be interested in licensing the other companies products to sell through EKF's firmly established and 'differentiated' distribution channels, in turn providing further opportunities for growth. Subsequently, due to the success and as part of the pivot to a 'multiple' growth opportunities, EKF is looking to expand the connectivity opportunity by putting a commercial team behind EKF Link, driving growth and opening more doors to new opportunities. |
Posted at 21/9/2024 07:06 by wan I don't think there is much doubt that EKF has done the "hard yards" and is now entering a new phase (yes, with some important lessons learned).There are early signs that the second-half will deliver further progress in terms of cash generation and earning growth. The market appears to be responding to this and the fact EKF has delivered significant change in terms of a leaner and more agile business, with a more focussed higher-margin product mix. Recently, I stated that investors need to appreciate the role that EKF's Life Sciences can play, not only in the production of premium OEM products and materials for third-party clinical diagnostic companies (not to mention pharmaceutical and industrial applications), but also in the production of diagnostic products that enable EKF's current diagnostic products, and perhaps under-appreciated, the potential from EKF's future diagnostic tests and devices. This aspect was covered in the Presentation (at around 14mins.53secs in), with EKF investing in utilising enzymes in new product development to deliver new point of care products into EKF's point of care portfolio, which is new and not something they have done before, with a current ongoing product and project to deliver a new state-of-the-art BHB point of care product (current BHB product is for lab-based testing). For those who are prepared to turn the page and look forward, there are several further points that stand out for me, and which I believe are worthy of particular mention. |
Posted at 10/8/2024 08:37 by wan "How will EKFs enzyme work affect those?"First of all it's important to flag that EKF are targeting existing and future products that can deliver healthy margins (hence the rationalisation and investment program). As an example, just one of EKF's diagnostic enzymes, Beta-Hydroxybutyrate Dehydrogenase (B-HB), had sales in 2023 of circa £12m, with an expectation that B-HB sales will deliver improved growth in 2024. Another important factor; is that the investment in precision fermentation technology and larger fermentation vessels at the new facility, has enabled EKF to report that their new fermentation facility is capable of producing 12 months’ of B-HB inventory from just one 3,000L fermentation run (compared to numerous runs previously from smaller vessels), which is a scale EKF has never been able to achieve historically, thereby enabling margin improvement and opening capacity for new customers, and potential to address larger market opportunities (watch this space!). Hopefully, the investment in the fermentation facility will enable EKF to find and deliver the next B-HB enzyme, and indeed more! Beyond enzymes, there are a number of individual initiatives underway that will have a positive effect on margins and profitability. But I am of the opinion that enzymes and 'other' life science products, used across health and industrial applications, will have a material and positive effect upon EKF's business. Overall, the combination of significant investment, and the simplification and rationalisation process of EKF's divisions (expected completion in 2024), should ultimately have a positive and material impact upon profitability and eps going forwards. |
Posted at 10/6/2024 10:06 by wan I am drawn to the recent acquisition of Point-of-Care player Lumira Dx by Roche for $295 million upfront and another cache of up to $55 million, which on its own effectively demonstrates the interest in point-of-care diagnostics.In its last set of recorded revenues, Lumira had $9.2 million in non-COVID sales in the first half of 2023, which equates to around £7m sterling. In 2023, EKF recorded non-Covid sales of £48.7m, with point-of-care recording £32.4m (excluding clinical chemistry and Covid related revenues), which is equivalent to a comparison of around £16m first half revenues compared to Lumira's £7m. (note that EBITDA for the first three months of the year is already showing a c.20% improvement on Q1 2023, and that 2024 will be a year of significant momentum in terms of both EBITDA margins and cash generation). Roche is paying a combined £275m sterling compared to EKF's current market cap of £133m sterling. I appreciate that Roche predominantly bought the technology and not the revenues per se, but it shines at least some light on the value of EKF's globally installed base, and the value of the embedded technology which is further demonstrated by EKF's growing recurring revenues (95 million individual test consumables in 2023). Importantly, EKF's point-of-care technology development is not standing still, which will no doubt be significantly augmented by EKF's new fermentation facility (in contrast to Lumira) e.g. developing and manufacturing enabling consumable diagnostic products (and not just for EKF, but also for medical diagnostics, pharmaceuticals, and industrial applications, facilitating transformative breakthroughs in healthcare and beyond). EKF are doing what Private Equity would do in terms of rationalisation and operational efficiency improvements, which gives pause for thought as to whether AIM is 'ultimately' the right place for listing EKF, or whether those measures and an AIM listing makes EKF an attractive acquisition target (surely it does at the current share price?), and indeed whether Harwood Capitals 29.169% holding will ensure EKF does not succumb to a lowball offer. EKF appears underappreciated (some would say deservedly), despite being debt free, cash generative, undervalued and primed for further growth in 2024. It will therefore be interesting to see whether there is anything beyond a technical pullback in the share price as the quieter summer season approaches, or whether the summer turns out to be an extended hunting season for acquiring UK stocks, with the possibility of EKF being on the menu! Please conduct your own research when making investment decisions, as the originator, or the threads contributors, could be either wrong or inaccurate. |
Posted at 23/3/2024 09:07 by wan EKF is a global diagnostics and biotechnology company manufacturing and delivering diagnostic technologies and biotechnology solutions that empower healthcare and medical providers to make informed clinical decisions through point-of-care testing and life sciences applications.After rationalisations and investments made over the last two years resulting in a simplified structure of two divisions, Point-of-Care and Life Sciences, EKF is now well placed to deliver sustainable growth and improved returns. In a buy recommended brokers note, Panmure Gordon said: “EKF looks circa 30% undervalued on the basis of the point of care division alone, encouraging progress with customers in the new fermentation facility offers the potential for further upside. Emerging from its transitional period EKF is well positioned for a return to more consistent performance and a strengthening cash position.” Singer Capital Markets broker note: EKF’s FY23 results are in line / slightly ahead of expectations. Growth drivers remain intact in both Point-of-Care and Life Sciences and, with a greater focus on core products, margins should continue to improve from here. This is key to supporting a re-rating and we see considerable value at current levels. With profit forecasts unchanged, we roll forwards our valuation to FY24 and increase our TP to 36p, reiterating our Buy recommendation. (full note available via Research Tree - It's perhaps somewhat underappreciated that EKF has a well-established and comprehensive base of installed Point-of-Care diagnostic users supported by high-quality global distribution channels. In 2023, EKF sold over 12,000 Point-of-Care analysers, resulting in the sale and manufacture of over 95 million individual test consumables. The installed base of diagnostic instruments is currently delivering guaranteed recurring revenues of £35-40m, and is set for further growth in 2024 and beyond (cue Panmure Gordon's point-of-care comment above). In Life Sciences, EKF has invested in a new facility with a full range of fermenters of different capacity, including increased downstream processing, offering contract fermentation services for clinically important enzymes and proteins. EKF Life Sciences is at the forefront of supporting global demand in precision fermentation, enzyme applications and research, providing innovative biotechnology solutions to deliver advancements in healthcare and medicine. Utilising its unique technical expertise, EKF Life Sciences uses precision microbial fermentation and advanced downstream processes to isolate and deliver the highest quality enzymes and biomolecules that have been specially engineered to customer specifications. Customer onboarding has commenced with several fermentation runs completed that will generate revenue in 2024 and will lead to further growth in 2024 as the new customers scale up. With a full range of fermenters of different capacity now online, EKF will look to scale up output throughout 2024 and to add additional customers throughout the current year. EKF are also in active discussions with new fermentation customers for development and scale-up opportunities to come on-line late 2024 and through to 2025. EKF's Outlook Statement: • Investment in our focused core products within Hematology, Diabetes and β-HB will drive further, sustainable growth • Strengthening relationships with key global partners and distribution channels to increase our existing market share in identified core product ranges • 2024 will see the completion of the rationalisation process, resulting in a streamlined core business portfolio, and expansion of fermentation offering • EKF is well placed to deliver growth and improved returns from the investments made over the last two years Presentation - Please conduct your own research when making investment decisions, as the originator, or the threads contributors, could be either wrong or inaccurate. |
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