Premaitha Share Discussion Threads

[michaelmouse] 16/5/2017 07:40

Revenues of £3.1m. LOL.

It'll be another great whacking loss then. I notice that there's no mention of how much cash they've managed to burn and how much cash is left. I think we can guess why.

Litigation hangs over them like the sword of Damocles.

What's that I hear you say? Deeply discounted and dilutive fundraisings to come?

Aimho of course.

[hjb1] 16/5/2017 07:35

very good update all things considered,and let's be clear there will NOT be a court case with Genoma so STOP the scaremongering!!

[whites123] 16/5/2017 07:15

Premaitha Health PLC
Year End Trading Update
RNS Number : 1959F
Premaitha Health PLC
16 May 2017


Premaitha Health plc



Year End Trading Update



Manchester, UK - 16 May 2017: Premaitha Health plc (AIM: NIPT, "Premaitha" or the "Company"), a leading international molecular diagnostics group focused on prenatal testing, provides a trading update for its financial year ended 31 March 2017, which includes one month of trading from Yourgene Bioscience, post-acquisition on 2 March 2017.



Key points

· Test volumes increased by 40% to over 24,000 (2016: 17,228)

· Revenues up 24% at over £3.1m (2016: £2.5m)

· Like-for-like revenues from continuing customers (excluding Genoma) grew by 250% demonstrating increasing uptake of NIPT in our covered territories

· 12 month pro forma revenues, including Yourgene Bioscience, of c.£5m

· Gross margin up to 35% (2016: 29%) due to scale and cost reductions which should continue to improve during 2017 / 2018

· Rapid geographic expansion continuing

· Substantial progress made on strategy to reduce intellectual property risk

· Yourgene Bioscience integration progressing well



Trading

Test revenues of over £3.1 million were generated from the sale or in-house processing of over 24,000 non-invasive prenatal tests ("NIPT"). This represents an increase of 40% in test volumes and 24% in revenues (due to revenues from non-recurring equipment sales in the prior year). Excluding non-recurring revenues from equipment sales and the discontinued Genoma business (as announced on 12 May 2017) revenues were up 250% against the prior year.



The above figures include approximately one month from Yourgene Bioscience ("Yourgene"), since completion of the acquisition on 2 March 2017. On a pro forma basis, full year Group revenues would have been c.£5m and test volumes over 30,000.



Gross margins were 35% (2016: 29%) reflecting more established accounts, economies of scale and ongoing efforts to reduce cost of goods through product and software refinements. Margins are expected to continue improving during 2017 as further software developments are implemented.



Geographic expansion

The geographic spread of customers has continued at a rapid rate, as per recent announcements, with distributors appointed in the Middle East, Southern Europe and recently in Croatia. Yourgene has a broad installed base across Asia which is also growing significantly (see below).

The IONA® test is now an established leading NIPT solution in the UK, France and the Middle East and its presence is growing in other markets. There are further installations scheduled in the next quarter in France, Italy, Taiwan, South East Asia, the Middle East, South Africa and Northern Europe with a strong forward pipeline. Several of these installations will be on Thermo Fisher's latest S5 instrument platform, on which the IONA® test has now been validated.

Furthermore, the first IONA® test laboratory installation for the major European diagnostics services customer announced in February 2017 is on track for June 2017, with a further installation for the same customer due later this year.

A pre-requisite for geographic expansion in many countries is the registration of products prior to sale. National regulatory processes are variable in complexity and time but are generally lengthy for significant markets. Premaitha has completed registration for the IONA® test in the EU (CE-mark) and three other countries to date, and is well-advanced in registering the IONA® test in Canada, Mexico, Brazil, Saudi Arabia, Malaysia and Vietnam. Registration in China is expected to commence later in 2017/early 2018 once a suitable partner has been selected.



Intellectual property de-risking strategy progressing well

The Company continues to prepare a robust defence against Illumina's UK patent infringement claims which will start to be heard in July 2017. In addition, Premaitha is providing full support to the EU's competition commission in its ongoing enquiries into potentially anti-competitive behaviour by Illumina. The UK represents c.25% of Group revenues at present (14% on a pro forma basis for the enlarged group) and, separate to the legal defence, there is an active strategy to reduce the Group's intellectual property risk through geographic expansion in unaffected territories and through product innovation. Both strands of this strategy are progressing well and the acquisition of Yourgene allows the Group to accelerate this strategy.



Yourgene integration progressing well

The integration of Yourgene into the Group is progressing extremely well with Dr Bill Chang and Alan Chang now firmly established on the Board and Keng Hsu integrated into the senior management team. Staff exchanges have taken place and multi-level collaboration working groups established.



Joint commercial initiatives are already bearing fruit with new customers and strengthened relationships with existing partners. For example, in early March 2017, Yourgene concluded an OEM supply agreement with Thermo Fisher for eight countries in South East Asia. This has already created increased revenue streams in Taiwan, Malaysia and Thailand with Indonesia launching soon. Since the acquisition, Yourgene has also secured new customers in Singapore, Thailand, India, Jordan and Hong Kong for a variety of in-house, in-customer and send-to-Manchester solutions. Yourgene and Premaitha are also collaborating effectively on new product innovations which will be attractive to customers across Asia and the Middle East, and which will also further the Company's de-risking strategy.



Dr Stephen Little, CEO, commented: "We have continued to make rapid progress to establish Premaitha as an internationally recognised, high growth company in the emerging clinical genetics field, despite the challenges presented by Illumina's litigious approach to competition, and Genoma's financial difficulties. The underlying Premaitha business is developing well and the acquisition of Yourgene creates some genuinely exciting opportunities for geographic expansion, product innovation and reduction in perceived risk. Investors can be assured that we intend to mount the strongest possible legal defence to demonstrate the true motivation behind Illumina's claims whilst building a strong high-growth business which can compete globally."

[captain_kurt] 16/5/2017 07:13

Hmm revenue only up 24%, shows how much Genoma incident has affected revenues

[small crow] 16/5/2017 07:10

Agreed. Its always hard to know what's really going on, especially when the courts are involved in IP, but it does look as if the management are making the best of some pretty difficult circumstances over the last couple of years.

[timojelly] 16/5/2017 07:08

Cracking RNS

[thinkbig?] 16/5/2017 05:53

This is going from bad to worse. Two court cases now??? This is dragging on to long now. NIPT are digging themselves in a hole.Going on far to long now ?? They don't have the money. To take on another case. They lost 12 mil up to now. I feel money will run out soon.Go bust then come back under another name. There is no revenue coming in to sustain them trading.

[hjb1] 15/5/2017 15:45

c/o notaflipper on lse, sounds right to me,

You just need to ask yourself some common sense questions: will a hospital or clinic buy medical equipment from them? Will you let your wife send her blood sample to them? Can they get insurance? Are their assets liable for seizure and disposal by administrators? Can they open a bank account? Will they get an overdraft? Remember that Premaitha was providing trade financing for customers to buy the IONA sequencers so it's not just about the test.

Would wish some would wake up before jumping off with the other lemmings. The reason why there's no RNS is there doesn't need to be one. Premaitha have time on their hand. It's Espirite who has to justify itself as a going concern to its auditors. Hardman and Premaitha CFO have already priced in not recovering money

[hurricane.] 15/5/2017 13:25

Nipt have to announce this bad news ?

[hjb1] 15/5/2017 13:25

what a load of cobblers they are claiming!

Zutphen, The Netherlands, 15 May 2017
Premaitha’s latest action against Genoma demonstrates its desperate attempt to conceal Premaitha’s financial situation. The effect of their legal action against Genoma already gives rise to negative publicity, while the legal decision in itself will hardly interrupt Genoma’s business.
Genoma represented 65% of Premaitha’s business in 2015/16, when Premaitha reached 2.45 Million GBP of revenues and 12 Million GBP of losses.
Genoma was forced to discontinue using the Premaitha Iona test some weeks after the serious legal claim against Premaitha’s technology by Illumina (Patent Infringement).
Premaitha has not been able to demonstrate that the Iona test doesn’t infringe Illumina’s patents.
After Esperite acquired InKaryo in early 2015, the Group has developed its proprietary technology for genetic diagnostic tests which showed superiority and were successfully implemented.
Esperite will continue all its activities and will vigorously fight Premaitha

[hjb1] 15/5/2017 13:23

it's just a complete smokescreen from a very very desperate company Esperite! laughable.

[on target] 15/5/2017 13:15

Where did you hear that gooosed, can't see an RNS?

[gooosed] 15/5/2017 13:02

Esperite now having a pop at Premaitha with a claim for Eur5.2m

At least its not dull.

[timojelly] 15/5/2017 07:31

A bit of action in the share price today

[small crow] 12/5/2017 17:38

I see your point but, then again, it was a whole bunch of "professionals" who caused the last credit crash!

[the bull] 12/5/2017 17:02

Sound like a bunch of amateurs, £750K loss, did they not credit check or see advance or part payments. Hope accounts person has been chopped

[twix386] 12/5/2017 16:58

Typo correctionGo bust (not go busy)

[twix386] 12/5/2017 16:57

Yes, it seems to me espirite funding is not given to genoma. Could we guess in order so it doesn't walk out the door as debts owed. Now espirite can decide if they want to pay their bills or see genoma go busy and asset stripped. Well done premaitha and a nice positive market reaction along with the other side benefits of no dual writ case and our new EU partner in place to grab some of genomas market share/customers

[on target] 12/5/2017 16:40

timojelly - fact is they could end up with both (or if not £750k cash then equivalent assets).

There's no indication Genoma can't pay what it owes - quite the opposite.

[timojelly] 12/5/2017 16:31

Well I think it's a fantastic idea to take on Genoma's IONS business customers.. Much better than a straight £750k.