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Allium Medical Solutions

Revenues continue to grow in key markets

Update | Pharmaceutical & healthcare | 24 Nov 2016

Allium Medical Solutions’ Q316 and 9M16 results are encouraging. Revenues in Q316 were NIS1.6m, up 46% vs Q315, while 9M16 revenues were NIS5.5m, up 54% vs 9M15. This increase has mainly been driven by Allium Stents in South Korea, which is a new and significant market for the company; and IBI Medical in Europe. These results reinforce our revenue CAGR forecast of 41% in 2015-20e. We reiterate our DCF valuation of NIS1.95-2.08/share.

Allium Medical Solutions

Termination of coverage

Termination | Pharmaceutical & healthcare | 14 Nov 2018

Edison Investment Research is terminating coverage on Allium Medical (ALMD). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Allium Medical Solutions

Making progress across the board

Update | Pharmaceutical & healthcare | 20 Aug 2018

Allium has reported H118 financial results. Revenues increased 31% y-o-y to NIS4.9m. As before, we continue to expect additional product approvals during 2018 and sales growth from its distribution deals in new and established markets. We maintain our FY18 sales forecast of NIS14m with a projected 2017-2020e revenue CAGR of 57%. We continue to believe that regional expansion is crucial to the company’s investment case. Our valuation, updated for net cash of NIS16.6m, is NIS1.82 per share.

Allium Medical Solutions

Continuing to execute on an ambitious plan

Outlook | Pharmaceutical & healthcare | 17 Jul 2018

Following broad FDA approval for Gardia, Allium anticipates the publication of clinical study results in a leading cardiology journal. Allium believes this will further increase Gardia’s attractiveness for both physicians and potential partners. Allium has secured approval for most of its urology stents and soft tissue fixation products in its main markets. We expect additional product approvals during 2018 and sales growth from its distribution deals in new and established markets. Allium’s business model is based on distribution agreements with regional partners, with a minimum purchase commitment. New agreements are worth at least NIS192m in total over approximately five years, which supports our 2017–20e revenue CAGR of 57%. Our updated valuation is NIS1.91/share.

Allium Medical Solutions

Wirion approved by FDA; new stents in Europe

Update | Pharmaceutical & healthcare | 26 Apr 2018

Allium has announced FDA approval of its subsidiary Gardia’s Wirion, which has become the only embolic protection system approved for all atherectomy procedures. Allium has reported FY17 results, with revenues up 5% y-o-y to NIS7.7m, and announced its first order in Mexico for NIS300k and approval of some of its stents in Russia. However, registration of the remaining stents and IBI Medical (EndoFast soft tissue fixation) in Mexico and Russia and stents in China has been delayed; we believe approval is possible in 2018. Mexico, Russia and China are the bulk of the distribution deals (NIS132m) and delays are the major reason for the slight decline in our valuation to NIS1.64/share (NIS1.68/share previously).

Allium Medical Solutions

It is all about business execution

Update | Pharmaceutical & healthcare | 02 Jan 2018

Gardia Medical’s Wirion device is on track for FDA submission, expected by end-2017; approval is possible in Q218. If approved, it would become the only embolic protection system for all atherectomy procedures in the legs which we think will help to reach a strategic transaction. Furthermore, Allium Stents and IBI Medical are expected to gain approval in Russia in 2018 while approval in China is expected in early 2018. We expect initial revenues from Mexico in Q417 and from the strategic agreement in Russia in H118. In addition, Allevetix is due to start a clinical trial in the next few months and TruLeaf is progressing its large animals study. Our updated valuation is NIS1.68/share.

Allium Medical Solutions

Positive data, H117 results and forecasts update

Update | Pharmaceutical & healthcare | 05 Sep 2017

Allium has announced that Gardia Medical’s Wirion device has met the primary endpoint of its clinical trial, an important milestone for strategic partnering discussions. In other news, on 13 August Allium reported H117 financial results, with revenues down 5.7% y-o-y to NIS3.7m. The company has also announced approval of its prostatic and urethral stents in Mexico and expects to launch sales in H217. However, registration of Allium Stents and IBI Medical in Russia is taking longer than expected due to a lengthier and more complex regulatory process. We note that regional expansion is crucial for the company’s investment case in the long run. Updated for the recent newsflow, our valuation of Allium is now NIS1.89/share.

Allium Medical Solutions

Business progressing on multiple fronts

Update | Pharmaceutical & healthcare | 24 Jul 2017

Allium Medical has made significant progress across business lines. The safety monitoring board has recommended continuing the study of Gardia's embolic protection device; clinical data will be reported by end Q317. A clinical trial of its urological stents in the local population will not be necessary for approval in China; this is in line with our expectations. We expect sales to start in 2018 via a NIS58m eight-year distribution agreement. Following positive preclinical data, Allevetix is on track to start a clinical trial by year-end 2017. We forecast revenue CAGR of 41% in 2016-20e and expect the company to break even in 2020. Our valuation is NIS1.95-2.08/share.

Allium Medical Solutions

Growth continues, investment case reinforced

Update | Pharmaceutical & healthcare | 16 Mar 2017

Allium Medical Solutions has reported FY16 financial results, which impressed with revenue growth of 42% to NIS7.4m vs NIS5.2m in 2015, in line with our expectations. Gross margin doubled to 30%. This increase comes mainly from Allium Stents and IBI Medical. We are encouraged to see that the company continued to execute on its business plan of organic growth and margin expansion; therefore, the investment case remains intact, in our view. We maintain our revenue CAGR forecast of 41% in 2016-20e and our DCF valuation of NIS1.95-2.08/share.

Allium Medical Solutions

Fast-growing innovative products player

Initiation | Pharmaceutical & healthcare | 02 Nov 2016

Allium Medical Solutions boasts a portfolio of products in diverse clinical areas such as urology and cardiovascular, with the majority of revenues derived from urology stents. Having achieved revenue CAGR of 19% in 2011-15, we expect Allium's growth to accelerate in the medium term, driven by new markets, resulting in 2015-20e revenue CAGR of 41%. We initiate coverage of Allium with a DCF valuation of NIS1.95-2.08/share.