External broker reports(aggregated public sources), Wilsons Advisory

Wilsons Advisory

External broker reports(aggregated public sources)

Wilsons has a distinguished history in financial services that spans over 125 years. Today, the group has significant capabilities in private wealth management, corporate finance, research and investment strategy, and institutional sales. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Mach7 Technologies Limited designs and develops healthcare software solutions. The Company offers enterprise imaging platform, vendor neutral archive, communication workflow engine, and managed data solutions. Mach7 Technologies operates in Australia.

<ul><li>We maintain our OVERWEIGHT rating but revise our Mach7 PT to $0.85 per share.</li><li>The company’s 3Q25 trading update leaves them well positioned to meet FY25 guidance although there is work to do in the 4Q around signing net new accounts.</li><li>Conscious that some time has passed since our last update (research coverage transferred in this note to Shane Storey) earnings estimates are revised down. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our OVERWEIGHT rating but revise our Mach7 PT to $0.85 per share.The company’s 3Q25 trading update leaves them well positioned to meet FY25 guidance although there is work to do in the 4Q around signing net new accounts.Conscious that some time has passed since our last update (research coverage transferred in this note to Shane Storey) earnings estimates are revised down. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mach7 Technologies (M7T) - 3Q25: Sharing the VISN

<ul><li>We maintain our OVERWEIGHT rating with revised PT of $1.00/sh for Mach7.</li><li>On the whole, FY24 has been a transformative year for the company – a) solidifying their product’s quality and demand profile in the competitive US market, supported by material customer renewals and add- ons, and new customer wins, b) executing on a relatively smooth transition from a capital- focused to subscription-weighted contract mix which should reap benefits in the coming 12- 18months; and c) demonstrating their ability to control costs whilst ensuring the business is notunderinvested, with solid cash management.</li><li>The market’s modestly negative reaction to this result, we expect stemming from a ~12month delay to profitability (and their ARR&gt;Opex target), is at least for the right reason – that being, investment in critical people infrastructure to support future growth, ensuring sustainable profitability when it does arrive. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our OVERWEIGHT rating with revised PT of $1.00/sh for Mach7.On the whole, FY24 has been a transformative year for the company – a) solidifying their product’s quality and demand profile in the competitive US market, supported by material customer renewals and add- ons, and new customer wins, b) executing on a relatively smooth transition from a capital- focused to subscription-weighted contract mix which should reap benefits in the coming 12- 18months; and c) demonstrating their ability to control costs whilst ensuring the business is notunderinvested, with solid cash management.The market’s modestly negative reaction to this result, we expect stemming from a ~12month delay to profitability (and their ARR&gt;Opex target), is at least for the right reason – that being, investment in critical people infrastructure to support future growth, ensuring sustainable profitability when it does arrive. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mach7 Technologies (M7T) - FY24: Transformative

<ul><li>Mach7 have released their FY24 result, noting TCV was pre-released at their 4Q24 update.</li><li>Operating costs were well managed leading to a $1M EBTIDA ‘beat’ vs our expectations, with positive cash flow also exceeding expectations.</li><li>This result continuing to support our OVERWEIGHT recommendation. Our PT ($1.05/sh) is under review.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mach7 have released their FY24 result, noting TCV was pre-released at their 4Q24 update.Operating costs were well managed leading to a $1M EBTIDA ‘beat’ vs our expectations, with positive cash flow also exceeding expectations.This result continuing to support our OVERWEIGHT recommendation. Our PT ($1.05/sh) is under review.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mach7 Technologies (M7T) - FY24: First Scan

<ul><li>Mach7 have released their 4Q24 update. They have won an additional $4.4M of TCV in 4Q24, bringing total sales order wins to $61.3M for FY24 – again ahead of their &gt;$60M guidance (noting that they had secured 95% of this by end 3Q24).</li><li>Pleasingly, we have continued to see the new TCV mix skew to subscription contracts (68%) vs capital licenses which is a continuing and strengthening trend across their existing and growing customer base.</li><li>4Q however was driven by growth from M7T’s existing customer base (renewals/add-ons) as opposed to new logo wins – which we understand on a quarterly basis is a lumpy metric. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mach7 have released their 4Q24 update. They have won an additional $4.4M of TCV in 4Q24, bringing total sales order wins to $61.3M for FY24 – again ahead of their &gt;$60M guidance (noting that they had secured 95% of this by end 3Q24).Pleasingly, we have continued to see the new TCV mix skew to subscription contracts (68%) vs capital licenses which is a continuing and strengthening trend across their existing and growing customer base.4Q however was driven by growth from M7T’s existing customer base (renewals/add-ons) as opposed to new logo wins – which we understand on a quarterly basis is a lumpy metric. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mach7 Technologies (M7T) - 4Q24: First Look, Is Looking Good

Clarity Pharmaceuticals Ltd / Equity Bottom-Up

Clarity Pharmaceuticals Limited operates as a radio-pharmaceutical company. The Company focuses on the developing targeted therapies for the treatment of cancer and other serious diseases. Clarity Pharmaceuticals serves customers worldwide.

<ul><li>We maintain our OVERWEIGHT rating on Clarity Pharmaceuticals with a revised risked PT of $4.50/share.</li><li>Evaluation of Clarity’s opportunity with their 64Cu-SARbisPSMA PET/CT agent in prostate cancer drives our upgrade in part – recognising that they have a unique agent with the potential to finally offer true clinical differentiation to existing approved agents, notably in biochemical recurrence (BCR).</li><li>We provide thoughts on steps forward here. The balance of our valuation uplift is being driven by re-evaluation of the two prostate cancer therapeutic (Tx) programs (67Cu-SARbisPSMA, 67Cu-SAR-BBN) and the sheer importance they hold to any potential acquirer of CU6. M&amp;A activity within Radiopharmaceuticals has been rampant and the hunt for companies with intellectual property coupled with impressive Tx pipelines has been at the forefront of (most) deals. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our OVERWEIGHT rating on Clarity Pharmaceuticals with a revised risked PT of $4.50/share.Evaluation of Clarity’s opportunity with their 64Cu-SARbisPSMA PET/CT agent in prostate cancer drives our upgrade in part – recognising that they have a unique agent with the potential to finally offer true clinical differentiation to existing approved agents, notably in biochemical recurrence (BCR).We provide thoughts on steps forward here. The balance of our valuation uplift is being driven by re-evaluation of the two prostate cancer therapeutic (Tx) programs (67Cu-SARbisPSMA, 67Cu-SAR-BBN) and the sheer importance they hold to any potential acquirer of CU6. M&amp;A activity within Radiopharmaceuticals has been rampant and the hunt for companies with intellectual property coupled with impressive Tx pipelines has been at the forefront of (most) deals. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Clarity Pharmaceuticals (CU6) - O/W: Better Late than Fuzzy