Allium Medical Solutions (ALMD)

Business description

Allium Medical Solutions is a company focused on developing and marketing minimally invasive devices in various areas: cardiovascular, metabolic, genitourinary and gastrointestinal. The company has three selling product lines: Allium Stents, IBI (EndoFast) and Gardia Medical.

Stock data

Market cap.NIS61.2m
Last closeNIS1.16
High / Low (52 weeks)NIS1.7 / NIS1.0
Stock market listingTel Aviv Stock Exchange
Forecast net cash (NISm)23.8
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(7.1)(2.5)(3.2)
Relative *(4.9)(2.3)(2.4)

* % Relative to local index

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Y/E Dec Revenue (NISm) EBITDA (NISm) PBT (NISm) EPS (NIS) P/E (x) P/CF (x)
2014A 4.9 (19.1) (20.1) (1.09) N/A N/A
2015A 5.2 (16.3) (18.5) (0.65) N/A N/A
2016E 7.4 (16.9) (18.1) (0.40) N/A N/A
2017E 11.2 (14.2) (15.0) (0.28) N/A N/A

Last updated on 01/12/2016

Investment summary

Allium Medical Solutions is a company focused on developing and marketing minimally invasive devices in various areas: cardiovascular, metabolic, genitourinary and gastrointestinal. The company has three selling product lines: Allium Stents, IBI (EndoFast) and Gardia Medical. Peripheral stents and EndoFast urogynecology devices generate the bulk of revenues (95% of NIS5.2m in 2015). Allium has achieved revenue CAGR of 19% in 2011-15. The investment case rests on Allium’s ability to execute on its ambitious growth strategy, with revenues expanding at a double-digit rate as the company continues to gain market share in established and new regions. After raising c NIS14m in Q316, cash equivalents and short-term deposits at end Q316 were NIS28.3m.

Last updated on 21/12/2016

Industry outlook

We expect Allium’s growth to accelerate in the medium term, driven by new markets, resulting in 2015-20e revenue CAGR of 41%. Allium also has two devices in preclinical development: Allevetix for diabetes and obesity (start a clinical trial in 2017) and BMV, a mitral valve replacement device that will develop until completion of clinical trial.

Last updated on 21/12/2016

Key management

Asaf Alperovitz, CEO
Ariel Rubashkin, CFO

Company address

2 Ha'Eshel St., PO Box 3081
Caesarea Industrial Park South
3088900
Israel
+972 4 6277166
View website