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Analyst Report - Capital Markets - Invivo acquisition represents positive strategic shift.pdf

MAP has announced the acquisition of Invivo Clinical, a UK microbiome testing business, which expands Microba's scale and international presence. We view this acquisition positively and as a transformational for the company's diagnostics business, helping it grow from a $5.4m revenue (FY23) business to $14.3m on a FY23 pro forma basis. The company sits in a very different position to where it was ~12 months ago, now with a major strategic holder and distributor in Sonic Healthcare and a much broader and deeper presence in the UK market, with the opportunity to expand in Australia, the US and beyond. The company is simultaneously developing its clinical pipeline, with all patients dosed in the Phase I Inflammatory Bowel Disease study and results anticipated December 2023. We now like the Diagnostics portfolio more, with its notably improved top-line performance, and note the Therapeutic segment remains a very high risk, high reward opportunity in the longer term.

Analyst Report - Capital Markets - Invivo acquisition represents positive strategic shift