Osmetech results highlighted that the company is ahead of our expectations and on track for FDA submission before the year end. The results reiterated the timing of developments over the coming 6 months. Newsflow will be inspired by the submission to the FDA for both UTI and BV projects. Articles in the top medical journals are likely to appear over the next 3 months, vindicating the e-nose technology. The company has undertaken direct pre-submission dialogue with the FDA and are comfortable (or as comfortable as they can be) with their preparatory work. Now that we have seen some clarity in the company's focus for the FDA trials, this removes a degree of risk and brings us to a short-term valuation target of 87p. Obviously the upside potential given a success within the next 6 months with the FDA, leaves the shares looking undervalued.
Estimates (30 April) 99a 00a 01E
Turnover (£'m) 0.76 0.48 0.20
Loss before tax (2.54) (4.47) (4.25)
Cash (outflow) ps (12.6) (17.0) (19.8)
NAV (p) 5p
Market Cap. (£'m) £45.39m
Ord. Shares in issue (m) 213.6m
52 Week Range (p) 31p-17p
SEAQ OMH
EPIC 51968A
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