Reported Earnings • Mar 05
First half 2026 earnings released: EPS: UK£0.083 (vs UK£0.057 in 1H 2025) First half 2026 results: EPS: UK£0.083 (up from UK£0.057 in 1H 2025). Revenue: UK£25.6m (up 14% from 1H 2025). Net income: UK£3.95m (up 45% from 1H 2025). Profit margin: 15% (up from 12% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 04
First half dividend of UK£0.057 announced Dividend of UK£0.057 is the same as last year. Ex-date: 19th March 2026 Payment date: 9th April 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (86% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 41% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 03
Tristel plc Recommends Interim Dividend for the Year Ended 30 June 2026, Payable on 9 April 2026 The Board of Tristel plc recommended an interim dividend of 5.68 pence (2024: 5.68 pence) for the year ended 30 June 2026 to be paid on 9 April 2026. The associated ex-dividend date will be 19 March 2026 with a record date of 20 March 2026. Buy Or Sell Opportunity • Feb 18
Now 21% undervalued Over the last 90 days, the stock has risen 13% to UK£4.05. The fair value is estimated to be UK£5.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Announcement • Feb 06
Tristel plc to Report First Half, 2026 Results on Mar 02, 2026 Tristel plc announced that they will report first half, 2026 results on Mar 02, 2026 Announcement • Jan 22
Tristel plc Announces Resignation of Matt Sassone as Chief Executive Officer Tristel plc announced that Matt Sassone, Chief Executive Officer, has confirmed to the Board his decision to resign to take up a worldwide President role with a large US multinational, leading a significant global business. Matt will actively continue in post until the end of the financial year and has fully committed to continue leading the business through this period. The Board has already commenced the process to appoint a new CEO and is confident that there is sufficient management depth in the business to ensure that trading will not be impacted during the transition. Buy Or Sell Opportunity • Jan 19
Now 20% undervalued Over the last 90 days, the stock has risen 13% to UK£4.05. The fair value is estimated to be UK£5.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Buy Or Sell Opportunity • Dec 23
Now 20% undervalued Over the last 90 days, the stock has risen 12% to UK£4.08. The fair value is estimated to be UK£5.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 34%. For the next 3 years, revenue is forecast to grow by 9.0% per annum. Earnings are also forecast to grow by 15% per annum over the same time period. Announcement • Nov 24
Tristel plc Updates US Guidelines for High Level Disinfection Tristel plc expanded guidelines on the handling and reprocessing of ultrasound probes in healthcare environments. For the first time, the AIUM guidelines include chlorine dioxide as an accepted option for high-level disinfection ("HLD"). Chlorine dioxide for ultrasound probe disinfection is branded as Tristel's HLD foam product, Tristel ULT™, in the United States ("US"). Tristel ULT™ is manufactured and distributed by Parker Laboratories under an exclusive partnership agreement with Tristel, and is the only FDA-cleared chlorine dioxide foam disinfectant for ultrasound probes available in the US market. Upcoming Dividend • Nov 20
Upcoming dividend of UK£0.085 per share Eligible shareholders must have bought the stock before 27 November 2025. Payment date: 18 December 2025. The company is paying out more than 100% of its profits and is paying out 81% of its cash flow. Trailing yield: 4.0%. Lower than top quartile of British dividend payers (5.7%). Higher than average of industry peers (2.3%). Announcement • Nov 18
Tristel plc, Annual General Meeting, Dec 11, 2025 Tristel plc, Annual General Meeting, Dec 11, 2025. Location: the companys registered office, unit 1b lynx business park, fordham road snailwell, newmarket, cambridgeshire, cb8 7ny, United Kingdom Declared Dividend • Oct 15
Final dividend increased to UK£0.085 Dividend of UK£0.085 is 2.9% higher than last year. Ex-date: 27th November 2025 Payment date: 18th December 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is covered by cash flows (81% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 59% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Oct 13
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: UK£0.14 (up from UK£0.14 in FY 2024). Revenue: UK£46.5m (up 11% from FY 2024). Net income: UK£6.64m (up 2.3% from FY 2024). Profit margin: 14% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 2.6%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Sep 27
Tristel plc Announces the Launch of Its New Ultrasound Probe Decontamination Product Tristel plc announced the launch of its new ultrasound probe decontamination product, Tristel VISICLEAN™?, the first detergent of its kind with colour technology, enabling visible coverage and confirmation of high level disinfection. Tristel VISICLEANtm is deployed on the ultrasound probe, dying it pink, and when exposed to Tristel ClO2 via Tristel DUO ULT™?, the pink dye disappears, visibly verifying that the probe has been high level disinfected. Tristel VISICLE AN™? is now available within the VISI Combination Pack, a convenient, all-in-one solution for ultrasound probe decontamination. Effective high-level disinfection begins with cleaning, which eliminates organic matter and reduces microbes to ensure proper sterilisation. This is performed manually and must be done each time. Tristel VISICLEan™? is the only cleaning solution with visible verification, ensuring full auditability and compliance with protocols. Tristel VISICLEAC™?, DUO ULT™? and DRY WIPEStm, the products within the VISI Combination pack includes the Company's new product, Tristel VISVEAN™?, along with two pre-existing products, Tristel DUO U LT™? & Tristel DRY WIPESt m. Together, these products enable clinicians to perform manual decontamination procedures with confidence, precision, and audit-ready traceability via Tristel's 3T™? digital platform. VISI Combination Packs are now available to healthcare providers across the UK and are being launched globally on a phased basis, as and when the Company secures the necessary local regulatory clearances. Tristel's proprietary chlorine dioxide chemistry is globally trusted for its broad-spectrum efficacy and resistance-proof mechanism. With over 30 years of experience in high-level disinfection, Tristel continues to remain at the forefront of infection prevention. Announcement • Sep 16
Tristel plc to Report Fiscal Year 2025 Results on Oct 13, 2025 Tristel plc announced that they will report fiscal year 2025 results at 8:00 AM, GMT Standard Time on Oct 13, 2025 Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 2 highly experienced directors. CEO & Director Matt Sassone was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • May 19
Now 20% undervalued Over the last 90 days, the stock has risen 5.5% to UK£3.83. The fair value is estimated to be UK£4.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 57%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 44% in the next 2 years. Announcement • May 12
Tristel plc Announces FDA Clearance for Tristel OPH Ophthalmic High-Level Disinfectant Now Approved for Immediate Sale in the US Tristel plc announced that the U S Food and Drug Administration ("FDA") has completed its review of the Company's 510(k) filing for Tristel OPH, and has granted its clearance for immediate sale. Tristel OPH is a high-level disinfectant ("HLD") foam for use on ophthalmic medical devices, including re-usable tonometers, pachymeters, lenses, retinal imaging probes, A-scan and B-scan biometry probes that make contact with the cornea. With c.16 million ophthalmic procedures taking place every year in North America, the Board believes that FDA clearance has the potential to transform ophthalmic disinfection practice in the region. Until now, the only FDA-cleared HLD method available for ophthalmic devices involves soaking in an open tray. This method is slow, given the long contact times required to be effective, and has as a result proven to be impractical to implement at point of care. In addition, the use of chemicals, such as sodium hypochlorite or hydrogen peroxide in an open tray, leads to occupational health concerns and may require costly implementation of ventilation. Prolonged exposure in a chemical soak can also lead to device damage. To address the problems, some clinics have turned to costly single-use devices, for which there is not always an option, while others have compromised by using low-level disinfectants options, such as alcohol wipes. In comparison, Tristel OPH has a short contact time of two minutes, is compatible with all widely used ophthalmic medical devices, is easily used at the point of care and is instantly deployable. The Company has already established local US manufacturing with its partner Parker Laboratories, and numerous leading eye institutes in the US have already approached Tristel to become early adopters in anticipation of FDA clearance for Tristel OPH. Tristel OPH directly addresses a long-standing unmet need in ophthalmic device reprocessing-offering a fast, safe and practical alternative to the outdated and often hazardous methods still in use. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to UK£3.15, the stock trades at a forward P/E ratio of 21x. Average trailing P/E is 34x in the Medical Equipment industry in the United Kingdom. Total returns to shareholders of 19% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£4.87 per share. Announcement • Apr 11
Tristel plc Submits Additional Information to the FDA for Tristel OPH Tristel plc confirmed it has submitted the additional information requested by the U.S. Food and Drug Administration (FDA) for Tristel OPH, a high-level disinfectant foam for use on ophthalmic medical devices, including re-usable tonometers, pachymeters and lenses that make contact with the cornea. The Company now expects a decision from the FDA by the end of June 2025. As announced in September 2024, the 510(k) filing for Tristel OPH will use Tristel ULT as its predicate device. Tristel ULT, a high-level disinfectants labelled for use on endocavity ultrasound probes and skin surface transducers, was cleared for sale in the US by the FDA in June 2023, following the Company's De Novo submission. With c.16 million ultrasound procedures taking place every year in North America, the Board continues to believe that FDA clearance has the potential to transform ophthalmic disinfection practice in the region. Tristel OPH addresses operational inefficiencies arising from complex and time-consuming decontamination practice. In addition, very few semi-critical ophthalmic devices are subject to effective high-level disinfection in the US. Low-level disinfectant options such as alcohol wipes are used as an alternative, or devices may be wet in sodium hypochlorite (Milton) or hydrogen peroxide in open trays with long contacts times. Upcoming Dividend • Mar 13
Upcoming dividend of UK£0.057 per share Eligible shareholders must have bought the stock before 20 March 2025. Payment date: 11 April 2025. The company is paying out more than 100% of its profits and is paying out 83% of its cash flow. Trailing yield: 4.3%. Lower than top quartile of British dividend payers (6.1%). Higher than average of industry peers (2.3%). Declared Dividend • Feb 26
First half dividend increased to UK£0.057 Dividend of UK£0.057 is 8.4% higher than last year. Ex-date: 20th March 2025 Payment date: 11th April 2025 Dividend yield will be 4.0%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not covered by earnings (108% earnings payout ratio). However, it is covered by cash flows (83% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 20% to bring the payout ratio under control. EPS is expected to grow by 77% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Feb 24
Tristel plc Recommends an Interim Dividend for the Year Ended 30 June 2025, Payable on 11 April 2025 The Board of Tristel plc is recommending an interim dividend of 5.68 pence for the year ended 30 June 2025 (2023: 5.24 pence) to be paid on 11 April 2025. The associated ex-dividend date will be 20 March 2025 with a record date of 21 March 2025. Buy Or Sell Opportunity • Feb 19
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 22% to UK£3.45. The fair value is estimated to be UK£4.32, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 51%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Buy Or Sell Opportunity • Jan 28
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to UK£3.70. The fair value is estimated to be UK£4.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 51%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Announcement • Dec 16
Tristel plc to Report First Half, 2025 Results on Feb 24, 2025 Tristel plc announced that they will report first half, 2025 results on Feb 24, 2025 Buy Or Sell Opportunity • Dec 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 14% to UK£3.73. The fair value is estimated to be UK£4.69, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 51%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Reported Earnings • Nov 28
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: UK£0.14 (up from UK£0.094 in FY 2023). Revenue: UK£41.9m (up 17% from FY 2023). Net income: UK£6.49m (up 46% from FY 2023). Profit margin: 16% (up from 12% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) also surpassed analyst estimates by 24%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Nov 23
Tristel plc, Annual General Meeting, Dec 16, 2024 Tristel plc, Annual General Meeting, Dec 16, 2024. Location: the companys headquarters, unit 1b lynx business park, fordham road, newmarket, cambridgeshire, cb8 7ny, snailwell United Kingdom Upcoming Dividend • Nov 21
Upcoming dividend of UK£0.083 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 20 December 2024. Payout ratio is on the higher end at 99%, however this is supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (5.9%). Higher than average of industry peers (2.7%). Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to UK£4.20, the stock trades at a forward P/E ratio of 30x. Average trailing P/E is 33x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 7.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£4.78 per share. Price Target Changed • Oct 24
Price target decreased by 7.4% to UK£4.46 Down from UK£4.82, the current price target is an average from 4 analysts. New target price is 12% above last closing price of UK£4.00. The company is forecast to post earnings per share of UK£0.14 for next year compared to UK£0.14 last year. Declared Dividend • Oct 23
Final dividend of UK£0.083 announced Shareholders will receive a dividend of UK£0.083. Ex-date: 28th November 2024 Payment date: 20th December 2024 Dividend yield will be 3.4%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is not adequately covered by earnings (99% earnings payout ratio). However, it is covered by cash flows (74% cash payout ratio). The dividend has increased by an average of 18% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.8% to bring the payout ratio under control. EPS is expected to grow by 65% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Oct 22
Full year 2024 earnings: Revenues exceed analyst expectations Full year 2024 results: Revenue: UK£41.9m (up 17% from FY 2023). Net income: UK£6.49m (up 46% from FY 2023). Profit margin: 16% (up from 12% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.1%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Medical Equipment industry in the United Kingdom. Announcement • Oct 21
Tristel plc Recommends Final Dividend, Payable on 20 December 2024 The Board of Tristel plc is recommending a final dividend of 8.28 pence (2023: 7.88 pence). Combined with the interim dividend of 5.24 pence, the total dividend pay-out for the year will be 13.52 pence per share, this is an increase of 29% on last year's total dividend pay-out of 10.50 pence. Going forward the Board's intention is to increase the dividend annually in line with the year's increase in EPS, committing to minimum dividend growth of 5%. This final dividend will be paid on 20 December 2024, to shareholders on the register on 29 November 2024, the associated ex-dividend date is 28 November 2024. Announcement • Oct 01
Tristel plc to Report Fiscal Year 2024 Results on Oct 21, 2024 Tristel plc announced that they will report fiscal year 2024 results at 8:00 AM, GMT Standard Time on Oct 21, 2024 Recent Insider Transactions • Sep 23
CFO & Executive Director recently sold UK£199k worth of stock On the 19th of September, Elizabeth Dixon sold around 50k shares on-market at roughly UK£3.98 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Elizabeth has been a net seller over the last 12 months, reducing personal holdings by UK£440k. Announcement • Sep 12
Tristel plc Announces Filing of Premarket Notification 510(K) with the US Food and Drug Administration for Tristel OPH Tristel plc announced that it has filed a Premarket Notification 510(k) with the US Food and Drug Administration ("FDA") for Tristel OPH, a high-level disinfectant ("HLD") foam for use on ophthalmic medical devices, including re-usable tonometers, pachymeters and lenses that make contact with the cornea. The 510(k) filing for Tristel OPH will use Tristel ULT as its predicate device. Tristel ULT, a HLD labelled for use onendocavity ultrasound probes and skin surface transducers, was cleared for sale in the US by the FDA in June 2023, following the Company's De Novo submission. The Board believes that FDA clearance has the potential to transform ophthalmic disinfection practice in North America. According to the Spaulding classification1, semi-critical devices require reprocessing with a HLD because they touch mucous membranes or non-intact skin, which is the case for nearly all ophthalmic devices. Very few semi-critical ophthalmic devices are subjected to an effective HLD in the US. Low-level disinfectant options such as alcohol wipes are used as an alternative, or devices may be soaked in sodium hypochlorite (bleach) or hydrogen peroxide in open trays with long contacts times. Announcement • Sep 02
Tristel plc Announces Bart Leemans Will Step Down from Position of Executive Director Tristel plc announced that Bart Leemans will step down from the Tristel Board as an Executive Director. He will remain with the business and continue to focus his efforts on the French market in his capacity as Managing Director, Tristel SAS. There are no current plans to replace Bart on the Tristel Board. Bart was appointed in November 2018 following Tristel's acquisition of his business, the Ecomed Group, the Company's then distributor in Belgium, the Netherlands and France. Buy Or Sell Opportunity • Jul 22
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 7.7% to UK£4.90. The fair value is estimated to be UK£3.94, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Buy Or Sell Opportunity • Jul 02
Now 17% overvalued after recent price rise Over the last 90 days, the stock has risen 4.0% to UK£4.58. The fair value is estimated to be UK£3.90, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Buy Or Sell Opportunity • Jun 28
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 6.3% to UK£4.63. The fair value is estimated to be UK£3.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Recent Insider Transactions • Jun 13
CEO & Executive Director recently sold UK£311k worth of stock On the 11th of June, Paul Swinney sold around 71k shares on-market at roughly UK£4.40 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Paul has been a net seller over the last 12 months, reducing personal holdings by UK£1.1m. Announcement • May 09
Tristel plc Announces the Publication of A White Paper Simplifying High-Level Disinfection for Urological Procedures Tristel plc welcomes the publication of a white paper ‘ Simplifying High-Level Disinfection for Urological Procedures: A Case Study’ at the American Urological Association (‘AUA’) 2024 conference, the gathering of urologists in the world. In June 2023 the Food and Drug Administration (‘FDA’) created a new category of Class II medical device disinfectants titled ‘foam or gel chemical sterilant/high-level disinfectant’ under which De Novo clearance for Tristeltm ULT was granted. As referenced within Dr. Allaway's study, Tristeltm ULT is recognised as a high level disinfectant (‘HLD’) and is effective against pathogens ranging from Human papillomavirus (‘HPV’) type 16 and type 18 to Mycobacterium terrae. Tristeltm ULT helps to address numerous bottlenecks that can impact workflow in a busy urology practice. One of the most time-consuming tasks is reprocessing medical devices between procedures. Chemical soaking and misting methods of HLD can damage probes and require complex workflows limiting the number of procedures clinicians can perform during a typical patient list. Recent Insider Transactions • Apr 18
CEO & Executive Director recently sold UK£231k worth of stock On the 16th of April, Paul Swinney sold around 50k shares on-market at roughly UK£4.62 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Paul has been a net seller over the last 12 months, reducing personal holdings by UK£792k. Buy Or Sell Opportunity • Apr 04
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to UK£4.60. The fair value is estimated to be UK£3.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 11% in a year. Earnings are forecast to decline by 6.3% in the next year. Upcoming Dividend • Mar 14
Upcoming dividend of UK£0.052 per share Eligible shareholders must have bought the stock before 21 March 2024. Payment date: 12 April 2024. The company is paying out more than 100% of its profits and is paying out 83% of its cash flow. Trailing yield: 2.2%. Lower than top quartile of British dividend payers (6.1%). In line with average of industry peers (2.3%). Reported Earnings • Feb 28
First half 2024 earnings released: EPS: UK£0.065 (vs UK£0.032 in 1H 2023) First half 2024 results: EPS: UK£0.065 (up from UK£0.032 in 1H 2023). Revenue: UK£20.9m (up 20% from 1H 2023). Net income: UK£3.08m (up 105% from 1H 2023). Profit margin: 15% (up from 8.6% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 26
Price target increased by 7.8% to UK£4.82 Up from UK£4.47, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of UK£4.70. Stock is up 36% over the past year. The company is forecast to post earnings per share of UK£0.11 for next year compared to UK£0.094 last year. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 2 highly experienced directors. Independent Non-Executive Director Caroline Stephens was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jan 23
Tristel plc Announces Canadian Regulatory Approval for Tristel Ult as a high-level disinfectant Tristel plc announced that Health Canada has approved Tristel ULT as a Class II Medical Device for endocavity ultrasound probes and skin surface transducers. The timing of this regulatory approval comes well ahead of the Company's original aim for gaining approval before the end of H1 Fiscal Year 2025 and allows commercial launch during fiscal 2024. Health Canada approval, alongside approval from the US Food and Drug Administration received in June 2023, means that Tristel ULT can now be manufactured and sold throughout the whole of North America by Tristel's commercial partner Parker Laboratories Inc. as a high-level disinfectant for ultrasound instruments. Parker completed its first production run of Tristel ULT in October 2023 and is actively introducing the product to its United States distribution network. This activity will now be extended to the Canadian market. The first hospital users in the United States are trialling and purchasing the product. Tristel will provide a more detailed update in its interim results on 26 February 2024. Tristel is preparing its dossier for Tristel OPH, a high-level disinfectant For use on ophthalmic instruments, for submission to the FDA and has requested a pre-submission meeting with the agency. The review meeting date is scheduled for early March 2024. The Company anticipates completing its submission seeking 510(k) approval in the summer and receiving FDA approval by the end of the year. Tristel OPH was approved by Health Canada in June 2021. Tristel OPH were launched into the Canadian ophthalmic market as a high-level disinfectants for ophthalmic instruments including re-usable tonometers and lenses that contact the cornea during the Company's last financial year. The product is being distributed throughout the country by Innova Medical Ophthalmics Inc., Toronto, a subsidiary of Advancing Eyecare, Jacksonville, Florida. Tristel OPH is being used by public health authorities in all the major Canadian provinces. Recent Insider Transactions • Jan 12
CEO & Executive Director recently sold UK£211k worth of stock On the 10th of January, Paul Swinney sold around 50k shares on-market at roughly UK£4.22 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Paul has been a net seller over the last 12 months, reducing personal holdings by UK£561k. Upcoming Dividend • Nov 16
Upcoming dividend of UK£0.079 per share at 2.5% yield Eligible shareholders must have bought the stock before 23 November 2023. Payment date: 22 December 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (6.2%). In line with average of industry peers (2.6%). Reported Earnings • Oct 18
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: UK£0.094 (up from UK£0.02 in FY 2022). Revenue: UK£36.0m (up 16% from FY 2022). Net income: UK£4.46m (up 381% from FY 2022). Profit margin: 12% (up from 3.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) also surpassed analyst estimates by 26%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Buying Opportunity • Oct 03
Now 20% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be UK£5.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.5% over the last 3 years. Earnings per share has declined by 45%. Revenue is forecast to grow by 25% in 2 years. Earnings is forecast to grow by 63% in the next 2 years. Announcement • Sep 12
Tristel plc to Report Fiscal Year 2023 Results on Oct 16, 2023 Tristel plc announced that they will report fiscal year 2023 results on Oct 16, 2023 Announcement • Sep 05
Tristel plc Announces Regulatory Approval for EPA, Canada and South Korea Tristel plc announced that it has received three significant regulatory approvals. United States Environmental Protection Agency (EPA) Tristel received its first approval from the EPA for its foam-based disinfectant for surfaces in April 2018. The company successfully enhanced the performance claims of the product with a second approval in January 2019 and then registered the product in three States before curtailing the nationwide registration programme until a third submission could be made to bolster further the competitive positioning of the product. This submission was made in October 2020 and the company have now received the third approval for Jet. This expands the product's efficacy claims to include mycobacteria, and all efficacy claims are within a contact time of two minutes. The company expects to complete State-by-State registration by the end of June 2022, including California where company existing registration will require amendment, which can be a lengthy process. New Risk • Jul 31
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£350k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. This is currently the only risk that has been identified for the company. Recent Insider Transactions • Jul 29
CEO & Executive Director recently sold UK£350k worth of stock On the 27th of July, Paul Swinney sold around 100k shares on-market at roughly UK£3.50 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Paul's only on-market trade for the last 12 months. Price Target Changed • Jun 15
Price target increased by 8.5% to UK£4.63 Up from UK£4.26, the current price target is an average from 3 analysts. New target price is 8.9% above last closing price of UK£4.25. Stock is up 20% over the past year. The company is forecast to post earnings per share of UK£0.074 for next year compared to UK£0.02 last year. Major Estimate Revision • Jun 06
Consensus EPS estimates fall by 16% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate fell from UK£0.081 to UK£0.068. Revenue forecast unchanged from UK£34.1m at last update. Net income forecast to grow 15% next year vs 101% growth forecast for Medical Equipment industry in the United Kingdom. Consensus price target up from UK£4.26 to UK£4.50. Share price rose 16% to UK£4.10 over the past week. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to UK£4.10, the stock trades at a forward P/E ratio of 50x. Average forward P/E is 30x in the Medical Equipment industry in the United Kingdom. Total loss to shareholders of 13% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£3.29 per share. Announcement • Jun 05
Tristel plc Announces Fda De Novo Approval Tristel plc announced that the U SA Food and Drug Administration ("FDA") has completed its review of the Company's De Novo request for classification (Class II) of Tristel ULT as a high level disinfectant, and has granted its approval for immediate sale. Tristel DUO, the Company's intermediate level disinfectant approved by the USA Environmental Protection Agency for use on the ultrasound console and the non-invasive parts of the endocavity probe, is now registered in all states of the USA. The Company estimates that over 215 million ultrasound scans are carried out in the United States annually. Approximately 20% of these scans require high level disinfection and the remainder require low or intermediate level disinfection. With the FDA approval, Tristel has two products approved in the USA that can meet the disinfection needs for all ultrasound scans. This is a unique competitive position. The United States nationwide launch of Tristel ULT will commence in October this year, following Tristel DUO's market introduction late last year. The Company has already established a manufacturing base with Parker Laboratories Inc., New Jersey, and will utilise Parker's national distribution network for the ultrasound market. Upcoming Dividend • Mar 09
Upcoming dividend of UK£0.026 per share at 2.0% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 11 April 2023. Payout ratio and cash payout ratio are on the higher end at 91% and 93% respectively. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (5.6%). Lower than average of industry peers (2.3%). Reported Earnings • Feb 22
First half 2023 earnings released: EPS: UK£0.032 (vs UK£0.025 in 1H 2022) First half 2023 results: EPS: UK£0.032 (up from UK£0.025 in 1H 2022). Revenue: UK£17.5m (up 28% from 1H 2022). Net income: UK£1.51m (up 26% from 1H 2022). Profit margin: 8.6% (down from 8.7% in 1H 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Medical Equipment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Dec 12
Tristel plc to Report First Half, 2023 Results on Feb 20, 2023 Tristel plc announced that they will report first half, 2023 results on Feb 20, 2023 Price Target Changed • Nov 16
Price target decreased to UK£4.38 Down from UK£4.80, the current price target is an average from 2 analysts. New target price is 33% above last closing price of UK£3.30. Stock is down 23% over the past year. The company is forecast to post earnings per share of UK£0.091 for next year compared to UK£0.02 last year. Price Target Changed • Nov 13
Price target decreased to UK£4.38 Down from UK£4.80, the current price target is an average from 2 analysts. New target price is 33% above last closing price of UK£3.30. Stock is down 31% over the past year. The company is forecast to post earnings per share of UK£0.091 for next year compared to UK£0.02 last year. Major Estimate Revision • Nov 01
Consensus EPS estimates increase by 53% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from UK£32.2m to UK£33.2m. EPS estimate increased from UK£0.06 to UK£0.10 per share. Net income forecast to grow 385% next year vs 34% growth forecast for Medical Equipment industry in the United Kingdom. Consensus price target of UK£4.48 unchanged from last update. Share price was steady at UK£3.03 over the past week. Reported Earnings • Oct 26
Full year 2022 earnings: Revenues exceed analyst expectations Full year 2022 results: Revenue: UK£31.1m (flat on FY 2021). Net income: UK£927.0k (down 69% from FY 2021). Profit margin: 3.0% (down from 9.6% in FY 2021). Revenue exceeded analyst estimates by 9.6%. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Medical Equipment industry in the United Kingdom. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 17% share price decline to UK£3.10, the stock trades at a forward P/E ratio of 94x. Average forward P/E is 29x in the Medical Equipment industry in the United Kingdom. Total returns to shareholders of 21% over the past three years. Upcoming Dividend • Jul 21
Upcoming dividend of UK£0.03 per share Eligible shareholders must have bought the stock before 28 July 2022. Payment date: 10 August 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.8%. Lower than top quartile of British dividend payers (5.3%). Lower than average of industry peers (2.4%). Price Target Changed • Apr 27
Price target decreased to UK£4.43 Down from UK£5.73, the current price target is an average from 2 analysts. New target price is 43% above last closing price of UK£3.10. Stock is down 46% over the past year. The company is forecast to post earnings per share of UK£0.0035 for next year compared to UK£0.064 last year. Upcoming Dividend • Mar 31
Upcoming dividend of UK£0.026 per share Eligible shareholders must have bought the stock before 07 April 2022. Payment date: 29 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (4.7%). In line with average of industry peers (2.2%). Major Estimate Revision • Feb 28
Consensus revenue estimates fall by 18% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from UK£34.7m to UK£28.4m. Forecast losses increased from UK£0.09 to UK£0 per share. Medical Equipment industry in the United Kingdom expected to see average net income decline 1.8% next year. Consensus price target down from UK£5.73 to UK£4.43. Share price was steady at UK£3.35 over the past week. 
