The succesful LOM AGM for the 2004 financial results was held on Friday 30th December. [LMT will likely hold their AGM for 2005 results in late Q2 '06] The AGM was a chance to meet the new team running LMT. The new CEO and FD are sharp and focussed, which is good news. The CEO whilst at Boston built up his segment from $50M sales p/a to $200M p/a. One senses he sees the opportunity to do likewise with the market cap of LMT.

The portfolio of opportunity remains the same but by way of a recap:-

Grafts

AAA grafts (Aortic)
Boston has extended their agreement to allow further time to evaluate the Aorfix graft. With this area being very litigious [threat of board members of US company Guidant going to jail.] and the difficulties thrown up by TriVascular a small AAA graft company which they recently purchased their desire to cover all bases is understandable. Boston will have to set up and train a sales force to sell the graft so it is a major decision for them. If they can make up their mind by summer LMT are in contact with other major suppliers who wish to distribute the AAA graft outside the US.

The US FDA has conditionally approved the AAA graft IDE to allow a US trial called PYTHAGORUS to begin very soon. Initially a few tens of 1st Generation grafts will be implanted at which stage the FDA will review and then if everything is okay allow the 2nd Gen graft to be used and the scope of the trial to be widened to grafts with angulated necks greater than 60 degrees. There will be 275 grafts used in cases with angulation less than 60 degrees and 110 grafts for cases greater than 60 degrees angulation. The upside is that the clinical centres who have signed up for the trial will pay for the grafts which retail at $10-$12k each. With discounts LMT might achieve $9-$10K. All grafts are expected to be implanted in 2006 therefore LMT can look forward to an income of around $3.5M this year from the US. If the clinical centres require additional grafts then LMT can continue to sell them until FDA approval comes through so similar income may be available in 2007 and 2008.There are no grafts in the EU capable of dealing with angulated and although the Aorfix is not yet approved it is already finding use in compassionate cases.

The rights for the US market have still to be licensed, but clearly Boston is the frontrunner. To obtain the best price LMT will no doubt show they have other interested parties who are keen to step in if they should falter.

TAA Grafts (Thoracic)
Now that money is available clinical trials are expected to start in Europe and the US. The TAA market could be worth $500-$1000M in the next years 3. The size of the market depends on the capability of the graft which will be demonstrated by clinical trial results. A sales partner has still to be appointed.

Staplers
LMT has at least 3 versions of their stapler
Open stapler for use in surgery
Endovascular stapler for use in fixing AAA grafts that have moved or heart tissue valves
GI stapler - subject of a deal with Wilson Cook some years back

The value focus is currently on the Endovascular stapler with FDA 510(k) and CE mark approvals awaited. Distribution deals are likely to be interesting and lucrative.

Polymers
Polybiomed are working
with a US major on multidrug delivery using their polymer
with an EU stent company on multidrug delivery using their polymer
with a major biotech on delivery of an innovative restenosis drug
on a gel wound dressing
on a coated urinary catheter


Unquoted investments
Investments continue to be made into Endoart to protect their shareholding, but its value has been written down to nil in the most recent accounts I have seen. The two events do not seem consistent. Perhaps it will be revalued in the accounts for the year just ended.

Vascular Concepts is making money in the Indian drug eluting coronary stent market. It is still seeking investment to break into the EU and US markets.

Stock overhang?
It is interesting to note that at IPO there were no stock sales apart from that held by the new non-executive director. As the company strategy has evolved over the years it has divested businesses such as AME and DMC and dropped a number of directors and executives along the way. All of these will have shareholdings and may now be sitting watching and wondering if they should sell now they have the opportunity. At the AGM it was reported that presentations had been made to 42 institutions from across Europe of which 24 had subscribed for shares with one taking 10% of those on offer. Raising 26M is a big achievement - but more money was on offer.

With Code holding the price any stock sold may just be ending up in the hands of institutions that didn't get in at the offer. We also know the way that many IPO's work - not all the good news comes out at IPO which allows a flow of news to follow which puts some air into the price and a comfort zone to those that invested.

There is a new executive team under the Chairman, the brokers Nomura/Code Securities are first rate, and the media advisors Financial Dynamics are first division as are the new legal team at Berwins. Of course as jpon points out the website still lacks, but that was said to be under very active development.

In essence it is a new start building on the foundations already laid so it does not make much sense to sell just when the dawn is breaking. It makes more sense to be buying.

Posted elsewhere :- Stent developer Lombard Medical sets terms for $60 million US IPO

Lombard Medical, which develops stent-grafts for endovascular aorta repair, announced terms for its IPO on Monday. The Oxfordshire, United Kingdom-based company plans to raise $60 million by offering 3.6 million shares at a price range of $15 to $18. At the midpoint of the proposed range, Lombard Medical would command a fully diluted market value of $252 million. The company currently trades on the LSE AIM under the ticker LMT but intends to delist in conjunction with its US offering.

Hmmmm - Revision to timetable for recommended Proposal

Suspension of trading on AIM

London, UK, 25 April, 2014- On 26 February 2014, Lombard Medical (AIM: LMT), the specialist medical device company focused on Endovascular Aortic Repair of abdominal aortic aneurysms, announced that it had published a circular which set out the Board of Directors' recommendations to, inter alia, reorganise the Lombard Medical Technologies Group pursuant to a Court approved scheme of arrangement (the "Scheme") so that Lombard Medical becomes a directly-owned subsidiary of Lombard Medical, Inc ("LM, Inc").

Earlier today, LM, Inc. announced the pricing of the initial public offering on the NASDAQ Global Market of 5,000,000 ordinary shares at a price to the public of $11 per share, raising $55 million. In addition, LM, Inc. has granted the underwriters a 30-day option to purchase up to an additional 750,000 ordinary shares from LM, Inc.

Ahead of the Court Hearing to approve the Scheme, scheduled to take place on Tuesday 29 April 2014, shares in the Company will be suspended from trading on AIM from 7.30 a.m. BST today.

Following Court approval, the Scheme is expected to become effective on 30 April 2014 and trading in shares in the Company will be cancelled on AIM at 7.00 a.m. BST (2.00 a.m. ET).

Shares in LM, Inc. are expected to commence trading on the NASDAQ Global Market at 2.30 p.m. BST (9.30 a.m. ET) on 30 April 2014.

This press release and the information it contains is not for publication or distribution, directly or indirectly, in or into the United States. This press release is not intended to, and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.


-Ends-

Result of Court Hearing

London, UK, 29 April, 2014 - On 26 February 2014, Lombard Medical (AIM: LMT), the specialist medical device company focused on Endovascular Aortic Repair of abdominal aortic aneurysms, announced that it had published a circular which set out the Board of Directors' recommendations to, inter alia, reorganise the Lombard Medical Group pursuant to a Court approved scheme of arrangement (the "Scheme") so that Lombard Medical becomes a directly-owned subsidiary of Lombard Medical, Inc ("LM, Inc"). The Court Hearing, adjourned from 14 April 2014, was held today and the Scheme has been approved.

On 25 April 2014 the Company announced the suspension of the Company's shares from trading on AIM. In addition, on the 25 April, LM, Inc. announced the pricing of the IPO of LM, Inc shares on the NASDAQ Global Market. LM, Inc shares commenced trading on the NASDAQ Global Market on 25 April.

The Scheme is expected to become effective tomorrow morning, 30 April 2014, following delivery of the Court Order to the Registrar of Companies for registration.

At 7.00 a.m. BST (2.00 a.m. ET) tomorrow shares in Lombard Medical, will be cancelled on AIM.

This press release and the information it contains is not for publication or distribution, directly or indirectly, in or into the United States. This press release is not intended to, and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.


-Ends-

1st half figures on company website , open media
still cause for hope

Here is the Link

Directors buying announced today, not great numbers still interesting

First Post Approval Cases With Aorfix(TM) Performed in Japan

Lombard Medical Engages Society for Vascular Surgery(R) and M2S Inc. to Implement Post-Marketing Surveillance Program for Aorfix(TM) Endovascular Stent Graft

Lombard announce 4th quarter and end year results
Looks promising for long term holders

Here's a link (if you have access) - Lombard Medical Announces Preliminary 2014 Fourth Quarter and Full Year Revenues

results yesterday, no chance of profits for a year or two but good future predictions, all available on company web pages

report today with analyst views. long term hold

It certainly is!

Monday 16.30 should see first quarter results.
let us see how they have done against last year

1st quarter results after close today show continued expansion, with forecast for year expecting same to continue.
Still expanding product range, expenses up, as is profit margins.
still holding, although expect it to be a long hold

1st quarter results after close today show continued expansion, with forecast for year expecting same to continue.
Still expanding product range, expenses up, as is profit margins.
still holding, although expect it to be a long hold

6 monthly figures to be announced after close next Monday.

after close next Monday , 1/2 year results to be announced

Q2 and Recent Operational Highlights

• Total 2015 second quarter Aorfix™ revenue grew 107 percent1 to $4.5 million compared to revenue of $2.2 million in the second quarter of 2014.
• U.S. Aorfix revenue grew to $1.3 million in the second quarter of 2015, up 123 percent from $0.6 million in the second quarter of 2014.
• Gross margin for the 2015 second quarter was 52 percent compared to 46 percent for the prior year period.
• Opened new Innovation Center in Irvine, California.
• In June, the first clinical cases using the new 34mm Aorfix Plus™ endovascular stent graft were successfully completed in the U.S. Up to 10 percent more AAA patients have the potential to be treated with Aorfix as a result of this expanded size range.

Operational and Financial Results

With U.S. procedures that more than doubled, global Aorfix revenue increased 107 percent1 to $4.5 million in the second quarter of 2015 compared to $2.2 million in the second quarter of 2014. For the first six months of 2015, global Aorfix revenue grew 87 percent1 to $7.9 million compared to $4.3 million in the year-earlier period.

In the U.S., where Aorfix was formally launched in November 2013, and is sold exclusively through the Company’s own sales force, revenue in the 2015 second quarter and first six months was $1.3 million and $2.4 million, respectively. Comparative U.S. revenue in the 2014 second quarter and first six months was $0.6 million and $1.1 million, respectively.

"We had another solid quarter of rapidly growing procedures and revenues across key markets while making significant progress on our key commercial, regulatory and strategic initiatives,” said CEO Simon Hubbert. “In the U.S., we added new physicians and new centers to our growing list of customers. We also launched Aorfix Plus, a new addition to our portfolio that allows us to treat patients with larger aortic neck diameters that we believe expands our addressable market by about 10 percent. In Japan, as a result of continued strong procedural growth, we estimate that we have captured approximately 5 percent market share within nine months of launching Aorfix.”

In Japan, where Aorfix is sold through the Company’s exclusive distributor, Medico’s Hirata, and where regulatory approval was received in August 2014, revenue in the 2015 second quarter and first six months was $1.8 million and $2.7 million, respectively. There was no comparative revenue in the second quarter and first six months of 2014.

Gross margin for the 2015 second quarter and first six months was 52 percent and 49 percent, respectively, compared to 46 percent and 40 percent for the prior year periods. The improvement was primarily due to the effect of higher average U.S. selling prices and the spreading of fixed manufacturing costs over increased production volumes.

Total operating expenses for the 2015 second quarter and first six months were $10.6 million and $21.9 million, respectively, compared to $12.4 million and $20.2 million in the prior year periods. The net loss for the second quarter of 2015 was $8.2 million, or $0.51 loss per share, compared to a net loss of $11.1 million, or $0.76 loss per share, for the second quarter of 2014. The net loss for the first half of 2015 was $17.7 million, or $1.10 loss per share, compared to $18.0 million, or $1.49 loss per share, for the first half of 2014.