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.NIS59.5m
Last closeNIS1.12
High / Low (52 weeks)NIS1.7 / NIS1.1
Stock market listingTel Aviv Stock Exchange
Forecast net cash (NISm)7.5
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(2.7)(4.7)(25)
Relative *(5.2)(5.9)(28)

* % 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)
2015A 5.2 (16.3) (18.5) (0.65) N/A N/A
2016A 7.4 (20.4) (22.0) (0.49) N/A N/A
2017E 11.2 (14.7) (15.7) (0.30) N/A N/A
2018E 17.5 (6.3) (7.1) (0.13) N/A N/A

Last updated on 20/04/2017

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 (70% of NIS7.3m in 2016). Allium has achieved revenue CAGR of 23% in 2011-16. 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 2016 were NIS23.2m.

Last updated on 02/05/2017

Industry outlook

We expect Allium’s growth to accelerate in the medium term, driven by new markets, resulting in 2016-20e revenue CAGR of 41%. Allium also has two devices in preclinical development: Allevetix for diabetes and obesity (start a clinical trial in 2017) and TruLeaf, a mitral valve replacement device that will develop until completion of clinical trial.

Last updated on 02/05/2017

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