December 2020 Update – $REPH, $PSD.to, $STC.v, XTC.to, $VMD.to, $SYZ.to, $MTLO.v

No new profiles this month. It’s been busy with holidays and Alberta has gone into a second lockdown.

  • Recro Pharma ($REPH)
    • New CEO announced (finally)
      • Has a decent pedigree and looks promising
      • The shares have been running a bit, not sure exactly why at the moment
    • George McCabe (Portolan Capital Management) disclosed a 5.47% position in REPH
      • A quick google search shows that they own many positions and that REPH makes up 0.47% of their portfolio. Not exactly meaningful.
  • Pulse Seismic ($PSD.to)
    • Announced a 3.05 mil data licensing sale
      • That is more revenue from the previous 3 quarters
      • Q4 revs at 5mil
      • 2020 revs at 10.9mil
    • Some language in the news release about debt repayment and extension of the credit agreement
    • I think the story has been de-risked to some degree and shares have not really rebounded, but alas this is energy related
  • Sangoma Technologies Corp ($STC.v)
    • Had a data breach during the month of December
    • an update was provided before the end of the month; some highlights
      • no customer bank information was compromised
      • products aren’t affected
      • CEO took responsibility
      • maintaining transparency
  • Exco Technologies ($XTC.to)
    • Reported fiscal Q4 2020
      • Quarter was better than I expected
        • Auto segment bounced back
        • Aided by wage subsidy
      • Bullish comments about the future on the conference call
    • I am expecting the dividend to be increased next year
    • This goes to show that it is so hard to predict how covid will affect these businesses
      • This team has adapted really well to the new environment
  • Viemed ($VMD.to)
    • Acquired 5% in VeruStat for 600k with cash on hand
      • Sounds like it will be accretive in 2021 and seems like a nice new revenue stream
      • It’s nice to see that they are looking at alternative ways to grow the business other than just adding vent patients
    • Shares didn’t really respond to the news
  • Sylogist ($SYZ.to)
    • Reported fiscal Q4 2020
      • Rev up 10% year over year
      • Margins up as well if you remove acquisition related costs and executive bonuses (it’s up to you if you feel that is fair)
      • Still waiting on some activity on the acquisition front
      • Have $43 mil cash plus access to $40 mil credit line
    • These developments are positive. I will be watching this one closely.
  • Martello Technologies Group Inc ($MTLO.v)
    • Announced some sales wins
      • $375k in bookings
      • 120k in users
      • Over the next 12-36 months

Happy and prosperous investing in 2021!

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