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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

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.