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EKF Ekf Diagnostics Holdings Plc

27.75
0.00 (0.00%)
Last Updated: 09:53:38
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ekf Diagnostics Holdings Plc LSE:EKF London Ordinary Share GB0031509804 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 27.75 129,994 09:53:38
Bid Price Offer Price High Price Low Price Open Price
27.70 28.90
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Med, Dental, Hosp Eq-whsl 52.61M 2.35M 0.0052 53.37 126.24M
Last Trade Time Trade Type Trade Size Trade Price Currency
10:06:44 O 8,000 28.264 GBX

Ekf Diagnostics (EKF) Latest News

Ekf Diagnostics (EKF) Discussions and Chat

Ekf Diagnostics (EKF) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
09:06:4628.268,0002,261.12O
09:01:4528.7245,00012,924.00O
08:53:3828.90349.83O
08:53:0728.6524,6387,059.97O
08:48:3328.662,322665.40O

Ekf Diagnostics (EKF) Top Chat Posts

Top Posts
Posted at 25/4/2024 09:20 by Ekf Diagnostics Daily Update
Ekf Diagnostics Holdings Plc is listed in the Med, Dental, Hosp Eq-whsl sector of the London Stock Exchange with ticker EKF. The last closing price for Ekf Diagnostics was 27.75p.
Ekf Diagnostics currently has 454,930,564 shares in issue. The market capitalisation of Ekf Diagnostics is £126,243,232.
Ekf Diagnostics has a price to earnings ratio (PE ratio) of 53.37.
This morning EKF shares opened at -
Posted at 29/3/2024 11:38 by wan
During EKF's recent presentation, some will have picked up on the fact that EKF has a lactate product in development(for a long time). Importantly, this is a platform technology i.e. multi-test/multi-analyte product, compared to single analyte tests for most of EKF's current point-of-care portfolio.

Further capex is aligned to the development of this product in 2024 and is discussed at 48m 20sec into the presentation -


In my view, the new product is probably connected to the following, which has clearly taken longer (as mentioned in the presentation) -

4. Investment into Point of Care business to maximise
distribution network and diversify existing product portfolio
4a. Brand extensions and new product development

Launch EKF Response aimed at sepsis testing in critical care settings
Multi-parameter device based on next generation Lactate Scout sensor
Target US market. Parallel launch in US and Europe. Limited competition and high
demand for fast, accurate testing
Point-of-Care platform technology for use in critical care settings with additional
development plans into obstetrics and primary care
Lactate for use in patient pathway determination in suspected sepsis cases
Addresses unmet need in a $620m sepsis diagnostics market space that is expected to
grow 10% YoY. US market for sepsis in critical care is $49m
Delivery late 2022

2021 – 2024 Growth Strategy
Investor Presentation w/c 7 June 2021
Page 10 -

Obviously there is further to go in terms of development and authorisation etc, but a multi-test platform technology, if successfully delivered, would be a potential game changer.

The development appears relatively advanced, and understandably it's not currently reflected in EKF's share price.

To demonstrate the level of interest and value that a platform technology can create, the following deal which closes later this year, provides much food for thought -

Roche to pick up LumiraDx’s point-of-care tests through $350M deal
By Conor Hale
Jan 2, 2024

Roche has a plan to build out its point-of-care diagnostic catalog, with the goal of delivering more tests to homes, pharmacies, doctor’s offices and elsewhere. The company aims to acquire a selection of products from the flagging LumiraDx, including its shoebox-sized analysis instrument and a menu of specialized testing strips.

The deal, expected to take effect by the middle of this year, includes a payment of $295 million upfront. Another cache of up to $55 million has been set aside to reimburse LumiraDx and its backer BioPharma Credit for keeping its point-of-care business afloat until the handover is complete.

The company’s second-quarter 2023 financial results posted $21 million in revenue, down from $44 million during the same period the year before, including $9.2 million in non-COVID sales
Full story -
Posted at 27/3/2024 05:39 by wan
Robow...It's certain funds associated to CM that have acquired over 132m shares, so it's unlikely to be their first purchase (or maybe even their last).

Pugugly...My thoughts are that EKF's current undervaluation may not go unnoticed, and CM would hopefully help thwart any low offers, even one at a 30% premium to todays price!

On the other hand, as EKF's highly cash generative Point-of-Care division returns to routine profitable growth this year, and Life Science scales up through 2024 and into 2025, CM's funds may support the right offer if it was at a significant premium to a recovered share price.

My preference is for EKF to continue growing, the Life Science division has a lot of exciting high growth opportunities to fulfil in 2024 and 2025 (and certain funds connected to Christopher Mills no doubt appreciate that).
Posted at 24/3/2024 08:00 by wan
Given that EKF's senior management team has successfully refocused the business back to pre-pandemic levels, and simplified the business by removing non-core, low-margin products from EKF's portfolio, which will result in increased profitability, it's worth looking at a few more comparisons from 2019 prior to the pandemic.

Towards the close of 2019 (prior to any effects of Covid), EKF shares were trading close to 35p

2019 Financial Highlights
• Revenue up 6% to £44.9m (2018: £42.5m)
• Gross profit up 4% to £23.7m (2018: £22.7m)
• Gross margin 52.8%
• Adjusted EBITDA* up 12% to £12.0m (2018: £10.7m)
• Profit before tax £5.5m
• Basic Earnings per share of 0.81p (2018: 2.21p), underlying Basic Earnings per share* of 1.20p (2018: 1.01p)
• Cash generated from operations of £6.5m (2018: £9.9m)
• Cash at 31 December 2019 of £12.1m (2018: £10.3m), net cash of £11.4m (2018: £9.4m)

2019 Analysers Sold - 14,167
2019 Tests Sold - 74,139,615


March 2024 Shares currently trading at around 26p

2023 Financial highlights
● Revenues of £52.6m in-line with market expectations (2022: £66.6m)
- Revenues (excluding COVID-related & clinical chemistry sales) of £48.7m (2022: £48.6m)

● Gross profit before exceptionals of £24.4m (2022: £30.8m)

● Gross margin improved to 45% (2022: 36%) and admin expenses reduced by £3.5m

● Adjusted EBITDA* of £10.4m (2022: £14.9m)

● A return to profit before tax of £2.1m (2022: loss of £8.9m)

● Cash generated from operations of £8.8m (2022: £12.7m)

● Group cash, net of borrowings (excluding IFRS 16 liabilities), at year end of £4.7m (2022: £11.4m), primarily reflecting cash generated from operations less £6.8m capital expenditure (2022: £4.4m) and £5.4m dividend payment (2022: £5.5m)

2023 Analysers Sold - 12,000+
2023 Tests Sold - 95 million+

In my view, this perhaps effectively demonstrates why Panmure Gordon says EKF looks circa 30% undervalued on the basis of the point of care division alone, which in turn implies a share price closer to 36p and is relatively achievable in the near term, if not already justifiable.
Posted at 23/3/2024 09:07 by wan
EKF is a global diagnostics and biotechnology company delivers 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.
Posted at 21/3/2024 08:18 by wan
Clearly most of us would have been better off putting our money under the mattress or simply spending it on something nice!

Moving on.....As the title of the thread and its contents are now well and truly out of date, I will create a new thread.

The new thread will be tightly focused on the areas of growth, and importantly the delivery of that growth as nothing else will matter!

In the interim, EKF's shares look considerably undervalued, but the market is clearly not impressed with either the results nor presumably the immediate outlook.

The market will continue to be unforgiving of any further delays or misses, but with a backdrop of falling interest rates, and on the basis of the management delivering good rates of cash generation and growth against a lowly rated share price, the share price performance from here could more than offset the dividend loss....and it needs to, otherwise why are we even here!
Posted at 23/12/2023 10:34 by wan
Staying with what's relevant....

EKF's core established business, with leading products and services, and good rates of organic growth, is clearly valuable (which some might value greater than others). But with the capacity expansion, and I would add: innovative biotechnology solutions, at the new South Bend facility nearing completion, there is very good reason to be optimistic about future rates of growth beyond the organic growth being delivered from the core business.

There will no doubt be those that are in no rush to invest ("wade in"), and I respect the reasons for that (plus it's part and parcel of the market). But clearly some investors, myself included, have chosen to take advantage of EKF's overly depressed share price(I get why this has happened btw, and it's a personal matter of judgement as to whether that has gone too far, or otherwise etc).

In terms of fermentation, one area that has been catching my attention over the last few months, is how much more critical the downstream processing is becoming and indeed has become, and as we know, the increase in customer needs for downstream processing was a significant factor that pushed scale-up revenues from the new facility into 2024.

From various validated sources: most of the biggest and most successful improvements in productivity to date have been delivered in the upstream processes (like fermentation), and it is now the downstream process that is receiving more attention and becoming even more critical with new technology and methods being deployed, and in many cases it is apparently where the differentiation and real value is created (for the manufacturer and the customer).

And although it has taken longer than originally guided (recall that customer needs for downstream processing became apparent, and no doubt played its part in the delay), it may be underappreciated that EKF will have installed 'cutting-edge downstream processes' to address the increasingly critical processing needs.

Current guidance: The South Bend site is currently operating with full fermentation capabilities and is also expected to have all downstream processing capabilities fully operational by December 2023.

And as I stated in post 3196, "Time, and obviously updates from EKF, will tell"

Suffice to recap the following though:

EKF Life Sciences is a specialist global manufacturer of high-quality enzymes and custom products for use in diagnostic, pharmaceutical and industrial applications. The Company is at the forefront of supporting life sciences global demand in precision fermentation, enzyme applications and research, providing innovative biotechnology solutions to deliver breakthrough discoveries and advancements in healthcare and medicine.

The Company's state-of-the-art facilities and leading technical expertise in specialist enzyme production uses precision microbial fermentation and cutting-edge downstream processes, to isolate and deliver the highest quality enzymes and biomolecules that have been specially engineered to customer specifications.

The new 24,000 square foot state-of-the-art facility addresses a significant gap in the US market for mid-volume manufacturing and will enable EKF to meet the increasing demands of its growing customer base. As part of its investment programme, EKF has installed 10L, 65L, 300L, 1,500L, 3,000L and 14,500L units as well as key upstream and downstream process capabilities at its South Bend plant. The cutting-edge, intelligent design of the Group's modular platform includes bioreactors ranging from 5L to 14,500L to enable it to deliver an end-to-end service from bench/proof-of-concept through to full scale commercial production. This efficient and scalable platform allows multiple batch cycles to run in parallel, enabling greater process control and precision to deliver effectively the desired yields.
(END)

Please conduct your own research when making investment decisions etc, as the originator, or the threads contributors, could be either wrong or inaccurate.
Posted at 24/7/2023 09:42 by wan
Food for thought:

Back in March, and without the upside from the new fermentation facility, EKF's 2023 revenue was forecast at £57m (of which around £40m is recurring revenue) with EBITDA forecast at £14.1m, which according to my math, and based on EKF's current valuation, results in an EBITDA multiple of 8.7 X

Although last week EKF closed 18.40% above the 52 week low of 23.10p set on May 18, 2023 (source FT.com), the shares have recently pulled back to a similar level in share price terms to that in March 2023, when (according to the Executive Chairman) EKF was being valued at 7 x 2024 EBITDA. Most would put that pullback down to the recent uncertainty surrounding the moves and change at board level.

Assuming that the performance and prospects for the business have not materially deteriorated, if that type of undervaluation/underappreciation persists beyond the anticipated results, and given how the US rates and values businesses compared to the UK, then perhaps a US listing might become a nearer term reality. In the US, companies such as EKF that can forecast and deliver profitable growth, has a high level of recurring revenue, pays a dividend, and has no long term debt, would likely be rated far more highly.

Although the link further below does not include microcaps etc, it provides at least some guidance and highlights the gaping difference between the US and the UK in terms of equity valuations.

In terms of industry/sector, EKF spans across Life Sciences Tools and Services, and Health Care Equipment and Supplies. According to Interpath, both of these industry/sectors are rated in the top 10 in terms of EBITDA multiples in the US, at 18.62 X and 17.56 X respectively, giving an average of 18X. In the UK, Health Care is pegged at 7.33 X and appears to be based only on pharmaceuticals (again highlighting an important difference).

Readers can apply what they think is an appropriate multiple and do the maths using EBITDA of £14.1m for 2023 and circa £18m for 2024 in order to arrive at a notional/potential market capitalisation, and the same with regard to a notional/potential share price (in round figures, EKF has 455m shares in issue).

Although the following does not include microcaps or AIM stocks etc, it provides at least some guidance as to the gaping difference from a sophisticated comparison of sector and industry on how UK and US companies are valued, and highlights the material difference between the US and the UK in terms of valuation multiples for industry/sectors -

Interpath
Valuation Multiples by Industry 24 May 2023



In any regard, the difference is notable, and no wonder then that the UK is fertile hunting ground for US companies! And perhaps highlighting the apparent threats to, or the assumption that the UK holds a leading position as a global and vibrant financial centre (although reforms are afoot aimed at making London a more attractive place to list).

In the meantime, the Trading Update may well provide some guidance as to how far out, or not, the market is in terms of valuing EKF's persistent, reliable recurring revenues, and its significant growth prospects.
Posted at 27/3/2023 15:02 by wan
As I stated previously (in post 3021), I appreciate that a reset was inevitable post the Trading Update in February this year, but despite considerable growth in the established core businesses compared to pre-pandemic levels, in share price terms EKF is back to pre-pandemic levels when both the FY revenue in 2019 (£44.9m) and the growth prospects for the core business were materially less than they are today.
(END)

And whilst I appreciate the frustration and the fact that the market can over-react in both directions, suggestions that the shares could hit 16p and even 10p appear delusional/scaremongering (and perhaps wishful thinking by some). Time will tell!

Whilst ADL has not been a successful investment (of EKF's time and money), it was always non-core, but some have interpreted that the cash EKF has generated to date has been blown. However, given the planned investments made during the year, including the significant capital expenditure to increase EKF's enzyme fermentation capacity in the US, that assumption, at this stage at least, appears 'wildly' overstated!

The current share price weakness is increasingly looking too harsh, and recently resulted in EKF's broker describing its shares as being in "deep value territory and offer a strong buying opportunity". However, I understand and respect that the current uncertainty will hold the shares back until we get further clarity and vision, which is likely to come tomorrow. In short, I don't think investors will have to wait too long for a re-rating of EKF's shares, as meaningful contract news will also surely emerge.

Staying with meaningful contracts, recall that EKF signed an exclusive, multi-million dollar agreement with Oragenics, Inc., a Florida-based biopharmaceutical company, for the manufacturing of Oragenics' lantibiotic bulk drug substances in the United States. Under the collaboration agreement, EKF Diagnostics will manufacture compounds intended for preclinical and early-stage clinical trials, which along with other projects were paused as a result of COVID-19. I noted recently that Oragenics Lantibiotic project has made further progress -

Oragenics Announces Positive Results in Several Lantibiotics Compounds Against MRSA and VRE

March 14, 2023
Potentially Addresses Life-Threatening Antibiotic-Resistant Infections

TAMPA, Fla.--(BUSINESS WIRE)-- Oragenics, Inc. (NYSE American: OGEN) (“Oragenics” or the “Company”), a biotechnology company dedicated to fighting infectious diseases, today reports favorable findings from third party laboratory testing of several compounds in Oragenics’ lantibiotics platform to combat multiple pathogens despite the resistance of those pathogens to standard-of-care antibiotics. Lantibiotics are a novel class of antibiotics with the potential to treat serious, life-threatening infections.

Kim Murphy, President and Chief Executive Officer of Oragenics, commented, “We previously reported that cross-resistance does not appear to emerge with our novel class of antibiotics because of their unique mechanism of action. We are encouraged by the outcomes of our recent collaboration with Linnaeus, which verify that life-threatening pathogens that are resistant to drugs of last resort – including vancomycin and daptomycin – remain sensitive to several of our lantibiotic compounds. This is another significant step in efforts to identify a new lead compound to advance into the clinic toward the development of novel therapies to fight infectious diseases."


Thus, I remain patiently invested and having also added to my position at recent lows (prior to the recent broker note).
Posted at 04/8/2022 20:31 by james188
faz,

I think that you ask some legitimate questions in relation to the various companies that have been spun out of the Mount Sinai/EKF relationship. I should say that I am a reasonably long term investor in EKF.

The share price performance of the three companies that you mention has obviously been disappointing (ditto the EKF share price), but they are all cash hungry early stage entities and I think that it is too early to make a definitive judgement.

I do not think that EKF is large enough to financially further support these investments. They will all inevitably need to raise further funds and so there is a significant risk of dilution as EKF will struggle - and much more so its shareholders - to participate. EKF has much better use for its cash in growing the core business (which is doing well). It is worth noting that EKF has not spun out a further company for some time and rejected a deal that was put forward last year. That may signify a change in strategy under the new management team.
Posted at 01/7/2022 14:23 by wan
'On plan' news -

Industry News: EKF to highlight specific glycemic control marker at AACC 2022
EKF Diagnostics exhibiting range of tests and analyzers on Booth #3637
30 Jun 2022

EKF Diagnostics, a global in vitro diagnostics company, will be at the 2022 AACC Clinical Lab Expo, Chicago IL, July 26-28, exhibiting its range of laboratory and point-of-care diagnostics products on Booth #3637. This includes the FDA cleared Lucica® Glycated Albumin-L test kit, manufactured by Asahi Kasei Pharma Corporation and sold exclusively in the U.S. by EKF. A specific, quantitative test for glycated albumin, it is one of the most widely published methods worldwide used for the intermediate term monitoring of glycemic control in diabetes patients.

Lucica® Glycated Albumin-L is an enzymatic methodology for use on compatible clinical chemistry analyzers with open channel capability, making it accurate and cost-effective to perform. It determines both glycated albumin and total albumin in separate reactions and the results are expressed as a ratio (%), minimizing differences in albumin concentrations between patients. Lucica® is also standardized to an established reference material.

“The Lucica® Glycated Albumin-L is sold exclusively by EKF Diagnostics in the U.S. and complements our existing diabetes product range, offering its own utility as a specific, intermediate glycemic control marker,” said Shane O’Neill, Global Director of Scientific Affairs, EKF Diagnostics.

Alongside its range of clinical chemistry tests and diagnostics analyzers, also available to view on EKF’s Booth at AACC will be its newly launched EKF Link digital connectivity solution. The downloadable software package offers secure management of point-of-care (POC) analyzers and associated data on one centralized platform. This delivers essential digital connectivity with traceability that is increasingly required for safe, secure, and effective POC testing using analyzers in many differing locations.

EKF Link middleware is an open and flexible solution which can be interfaced to all vendors’ POC analyzers, including EKF’s own portfolio, to enable real-time remote management of data, including patient test results, QC results, operator management, and analyzer configuration. The user-friendly software allows POC analyzers to connect to a hospital or laboratory’s IT system, enabling data transfer from the remote analyzers for subsequent processing. This provides hospitals, laboratories, and clinicians with the functionality to manage and evaluate their patient and operator data easily and securely.

EKF’s portfolio of POC diagnostic devices includes Hemo Control and DiaSpect Tm hemoglobin analyzer ranges, as well as Quo-Lab and Quo-Test HbA1c analyzers. All of these can now be digitally connected from anywhere and securely accessed remotely at any time using EKF Link, thereby enhancing their capabilities.


Recall from the EKF Link RNS -

The development and launch of EKF Link has been driven by customer demand and designed in partnership with hospital POC managers to ensure the software meets their specific needs. EKF Link provides the Company with improved competitive positioning for future POC contract tenders and new accounts, and increases the attractiveness of the EKF product portfolio to existing customers against currently available technologies.

Mike Salter, CEO, of EKF Diagnostics said: "As part of our strategy to enhance our POC analyser portfolio and technology offering, we are pleased to announce that we have successfully launched EKF Link enabling practitioners to analyse their patients' results remotely, easily and securely. EKF Link provides our POC diagnostic devices with a connectivity advantage which positions us well for tenders and new accounts. This is particularly true in Europe and North America, where a connectivity solution is commonly a part of the specification. EKF Link has the added benefit that it can be installed wherever it is needed, on a PC or a central server, allowing hospitals and laboratories, technicians and clinicians to access results from various settings, reducing workload whilst increasing the security of handling patient data.

"This new product launch shows our responsiveness to our customer base and increasing demand for data management capabilities. It extends the utility of our installed instrument base and provides EKF with a key advantage for further new business opportunities."
Ekf Diagnostics share price data is direct from the London Stock Exchange

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