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March 7, 2024

Cadre (CDRE) and Soleno (SLNO) Report

Cadre (CDRE) and Soleno (SLNO) Report

Shares of Cadre (CDRE) went on a bit of a wild ride yesterday after reporting quarterly results but they ended the day higher and the growth story (organic and acquisitions) remains very much intact. Revenue in Q4 grew very modestly (2.7%) to $124.6 million and beat expectations by 2.3% while EPS grew 47% to $0.25 and beat by $0.07. Revenue growth in the coming year will be faster – likely north of 15% – while EPS should grow by almost 20%. In short, we’re sticking with this little engine. BUY

Soleno Therapeutics (SLNO) was out with a Q4 business update after the closing bell yesterday. Recall that this is a development-stage biotech company working on their NDA (new drug application) for the FDA (which would mark official approval, if granted) for its lead drug candidate, DCCR (Diazoxide Choline). They are targeting a mid-2024 submission date. The update was essentially a review of what happened over the last year, which I detailed in my write-up on the stock in January, and there’s basically no new information. Still targeting that mid-2024 NDA submission. The lack of info likely explains the stock’s erratic action. With no reason to change our outlook, SLNO remains a speculative buy. BUY

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Tyler Laundon is chief analyst of the limited-subscription advisory, Cabot Small-Cap Confidential and grand slam advisory Cabot Early Opportunities. He has spent his entire career managing, consulting and analyzing start-up and small-cap companies. His hands-on experience has taught Tyler that the development of a superior business model is the biggest factor in determining a company’s long-term success. Accordingly, his research focuses on assessing the viability of management’s growth strategies, trends in addressable markets and achievement of major developmental milestones.