Personalised medicine specialist Epistem (EHP) has finished its 2013-14 financial year on a high note after filing an application with India's regulator for a license to import and sell Genedrive. That's its hand-held device that helps diagnose tuberculosis. Management expects the regulator to approve the product in early 2015.
Indeed, last year was an important one for Epistem and chairman David Evans described the period as "definitive". The company has now completed its Indian clinical evaluation study ahead of the planned launch of Genedrive, and is following up with several fast-track studies in Nigeria, South Africa, Uganda and Brazil. This goes some way towards explaining the group's escalating costs and, therefore, the increased loss in the period .
But as Genedrive entered the Indian regulatory process, steady contributions from the research and pharmacogenomics divisions (which study the role of genetics in drug response) - not to mention a £4.7m funding agreement - kept group sales ticking upwards. The latest grant, received in July, came through the Global Healthcare Investment Fund which is supported by the Bill and Melinda Gates Foundation.
Broker Peel Hunt expects an adjusted pre-tax loss of £3.6m in 2015, compared with a £2.7m loss in 2014.
| EPISTEM (EHP) | ||||
|---|---|---|---|---|
| ORD PRICE: | 288p | MARKET VALUE: | £29m | |
| TOUCH: | 275-300p | 12-MONTH HIGH: | 340p | LOW: 288p |
| DIVIDEND YIELD: | nil | PE RATIO: | na | |
| NET ASSET VALUE: | 109p* | NET CASH: | £4.2m | |
| Year to 30 Jun | Turnover (£m) | Pre-tax profit (£m) | Earnings per share (p) | Dividend per share (p) |
|---|---|---|---|---|
| 2010 | 5.74 | 0.35 | 3.8 | nil |
| 2011 | 5.75 | 0.35 | 4.9 | nil |
| 2012 | 5.56 | -0.73 | -2.9 | nil |
| 2013 | 5.36 | -1.46 | -12.5 | nil |
| 2014 | 5.76 | -2.35 | -17.4 | nil |
| % change | +7 | - | - | - |
Ex-div: - Payment: - *Includes intangible assets of £6.8m, or 68p a share | ||||
