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EKF Ekf Diagnostics Holdings Plc

31.10
-0.15 (-0.48%)
15 Jul 2024 - Closed
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
  -0.15 -0.48% 31.10 44,799 16:35:22
Bid Price Offer Price High Price Low Price Open Price
30.30 31.90
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Med, Dental, Hosp Eq-whsl 52.61M 2.35M 0.0052 60.10 141.79M
Last Trade Time Trade Type Trade Size Trade Price Currency
14:27:34 O 10,000 30.86 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
2024-07-15 13:27:3530.8610,0003,086.00O
2024-07-15 12:58:0830.862,585797.73O
2024-07-15 12:08:4831.0525,0007,762.75O
2024-07-15 11:32:2031.043,5981,116.64O
2024-07-15 10:11:3131.852,335743.79O

Ekf Diagnostics (EKF) Top Chat Posts

Top Posts
Posted at 15/7/2024 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 31.25p.
Ekf Diagnostics currently has 453,730,564 shares in issue. The market capitalisation of Ekf Diagnostics is £141,790,801.
Ekf Diagnostics has a price to earnings ratio (PE ratio) of 60.10.
This morning EKF shares opened at -
Posted at 10/6/2024 11:06 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 07/6/2024 09:23 by wan
Investors should conduct their own research, but EKF appears, on the face of what we know, to currently present as plain cheap in my view!

Given that the restructuring has already started to deliver, and what looks like excellent growth prospects going forward, it will be interesting see where the share price settles during this pullback in the share price.
Posted at 01/6/2024 09:50 by wan
Excerpts from EKF's RNS 26 October 2023 regarding the Opening of new US State-of-the-art Life Science Manufacturing Facility

Unique GMP capabilities, addresses a significant gap in the US market for scalable mid-volume manufacturing

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.


And recently on X (Twitter) -
EKF develops high-quality diagnostic enzymes, proteins, reagents, and other bio-materials for diverse health and industrial life sciences applications, supporting clinicians and scientists in their work.


EKF current website description -


To perhaps further demonstrate the significant gap in the market that EKF is looking to exploit, and just to add peptides (proteins) into the vocabulary, the following recent request caught my attention-

Peptide production via a fermentation platform

We are seeking to produce peptides through fermentation. The ideal partner would be able to provide the expertise, technology, and support for a more complete solution.

However, we are eager to collaborate with experts in this space focused on each step of the process. These include the use of a host organism (preferably yeast) to produce peptides, scalable fermentation technology, downstream processing like the purification of the peptides, and technical support to integrate the platform into the production facilities.

Full details and interactions etc -

Halo is an AI-powered partnering platform for R&D teams.
Fill in blind spots. Expand your networks. Bring innovations to market faster.
Posted at 28/4/2024 10:31 by wan
Readers will already be aware of the very positive effects from EKF's new fermentation facility being able to produce 12 months’ inventory from just one 3,000L fermentation run, which is a scale EKF has never been able to achieve historically, thereby enabling margin improvement and opening capacity for new customers.

Staying with increased capacity and the production of BHB: EKF's Thermo Fisher White Label contract for β-HB LiquiColor(produced by EKF) appears to be fully live with multiple Fisherbrand BHB products priced and available (EKF did state that "conversion of Thermo Fisher white label will be a focus in the US").

And I also note that a competitor BHB product, not manufactured in the US (manufacturer ultimately owned by a Chinese company), has a "discontinued by the supplier" note (which is quite interesting in itself) and a redirection to the Fisherbrand™ Beta-hydroxybutyrate (BHB) Liquicolor™ product.

Apart from being very beneficial to both Thermo and EKF, this also fits well with supply chain resilience/made in the USA measures referred to in post 14 - That US buyers should reduce their dependency on medical products sourced from China(and other countries of concern) and seek alternatives, ideally manufactured in the US in order to improve supply chain security and resilience. Many companies are therefore taking a closer look at their supply chains.
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 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 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.
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 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.
Ekf Diagnostics share price data is direct from the London Stock Exchange

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