Last close As at 05/08/2026
USD5.00
▲ −1.80 (−26.47%)
Market capitalisation
USD62m
Research: Healthcare
OpGen has announced that Curetis (its German subsidiary) has met its objectives agreed under its extended R&D collaboration with FIND (a global non-profit alliance for diagnostics), triggering a $0.2m milestone payment to OpGen. Under the expanded scope of the feasibility study for the Unyvero A30 RQ platform, OpGen was required to provide three more deliverables: an antimicrobial stewardship module, a ‘data everywhere’ concept and next-generation sequencing (NGS) strain analysis. While successful completion of the feasibility stage supports Unyvero A30’s applicability in low-to-middle income countries (LMICs), it also paves the way for a subsequent R&D agreement with FIND in developing LMIC-specific Unyvero A30 antimicrobial resistance (AMR) solutions. We await further details from management on the next potential steps of the collaboration.
OpGen |
Feasibility milestone from FIND collaboration |
Collaboration update |
Pharma and biotech |
21 July 2023 |
Share price performance
Business description
Analysts
OpGen is a research client of Edison Investment Research Limited |
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OpGen has announced that Curetis (its German subsidiary) has met its objectives agreed under its extended R&D collaboration with FIND (a global non-profit alliance for diagnostics), triggering a $0.2m milestone payment to OpGen. Under the expanded scope of the feasibility study for the Unyvero A30 RQ platform, OpGen was required to provide three more deliverables: an antimicrobial stewardship module, a ‘data everywhere’ concept and next-generation sequencing (NGS) strain analysis. While successful completion of the feasibility stage supports Unyvero A30’s applicability in low-to-middle income countries (LMICs), it also paves the way for a subsequent R&D agreement with FIND in developing LMIC-specific Unyvero A30 antimicrobial resistance (AMR) solutions. We await further details from management on the next potential steps of the collaboration.
Year end |
Revenue ($m) |
EBITDA* ($m) |
PBT* |
EPS* |
P/revenue |
Net debt/(cash) |
12/21 |
4.3 |
(20.4) |
(35.7) |
(19.5) |
0.28 |
(14.4) |
12/22 |
2.6 |
(20.6) |
(25.3) |
(10.4) |
0.62 |
4.4 |
12/23e |
4.8 |
(17.9) |
(20.8) |
(3.4) |
0.85 |
13.7 |
12/24e |
7.1 |
(17.0) |
(20.8) |
(2.1) |
0.94 |
34.5 |
Note: *Figures are normalized, excluding amortization of acquired intangibles, exceptional items and share-based payments. EPS adjusted for 1:20 share consolidation in January 23.
As per the expanded R&D agreement with FIND, OpGen has successfully developed three more deliverables in addition to initial feasibility stage objectives. It includes an antibiotic stewardship module as part of the Unyvero A30 software suite (customisable as per LMICs’ requirements), and a prototype of a ‘data everywhere’ module, allowing AMR test results to be exported to mobiles as well as other cloud platforms, a useful feature in limited resource settings. Additionally, more than 400 bacterial isolates were tested at Ares Genetics (OpGen’s subsidiary) using NGS and a relative comparison was conducted against its proprietary ARESdb database, suggesting material differences in the molecular sequences of clinically relevant bacterial strains between those coming from LMICS and western countries. OpGen submitted a detailed milestone report to FIND at end Q223.
As a reminder, OpGen announced the expansion of its initial R&D agreement (signed in September 2022) with FIND in April 2023, increasing the arrangement’s potential revenue to €830k, c €130k higher than previous management guidance. In the feasibility phase, OpGen, through its German subsidiary Curetis, was to develop a molecular test panel and an easy-to-operate workflow system compatible with currently available blood culture systems in LMICs, as well as modifying certain features of the Unyvero A30 RQ system to adapt to region-specific constraints such as unstable power grids.
Post successful conclusion of the feasibility phase, we anticipate the FIND agreement will likely expand to a next phase of development. While management is still in discussion for next steps in the collaboration, it provides an important opportunity to expand its Unyvero franchise into developing markets, in our view.
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Research: TMT
Centaur’s strategy of focusing on the development its key operations, the Flagship 4, is underpinning group EBITDA levels against a difficult trading backdrop limiting revenue growth potential. Flagship 4 revenues grew by 6% in H1 and now represent 74% of the group, with total H123 revenues down 3% y-o-y as other areas came under greater pressure. The increased proportion of higher-quality revenues in the mix means that the adjusted EBITDA margin should at least achieve the target FY23 level of 23% set in management’s MAP23 plan. Net cash remains strong, £8.8m at end June, post the special dividends paid out in H123, giving good scope for further investment in the core growth areas of business intelligence and learning.