Hardman & Co issues research report

Hardman & Co issues research report on Collagen Solutions

Collagen Solutions (COS) is a biomaterials company developing and manufacturing medical grade collagen components for use in medical devices, regenerative medicine, and in vitro diagnostic products. It operates from three facilities in the UK, New Zealand and the USA. Manufacturing is carried out at two state of the art facilities in the UK and New Zealand where animal derived collagen is processed into medical grade collagen formulations and components. Additionally, R&D and contract manufacturing services are provided to client companies. The markets in which it operates are substantial; the end markets in which biomaterials such as collagen are utilised are valued as much as $16bn. The pre-year end trading update indicated a shortfall in sales of c.£0.36m for FY15, which is expected to impact EBITDA by c.£0.26m; attributed to customer specific issues which are not anticipated to impact the long term outlook for the Group. New client wins, however, in the past quarter illustrate the industry's recognition of the Company's product offering and technology. Moreover, the Company has yet to see the benefits of upselling opportunities from the SLB acquisition. The Board's stated objective remains unchanged: creating a business worth c.£100m by 2020.

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