Fund Manager Summary
The fund managers believe that IDT Australia Ltd presents a promising opportunity, particularly following its recent Master Service Agreement with Sanofi Australia to support the cGMP manufacture of mRNA assets. This collaboration not only enhances IDT's capabilities in mRNA-based vaccine formulation and development but also positions the company for significant future revenue, with initial services valued at $3m to $3.5m, representing over 25% of its current annual revenue run-rate. The contract aligns with IDT’s strategy to pursue higher-value contracts and leverage its unique aseptic sterile fill facilities. Additionally, IDT's 3Q FY24 update indicates strong growth, with revenues up 48% year-on-year and new contracts totaling $4.9m. In their opinion, these developments indicate a robust sales pipeline and a clear path toward profitability in FY25.
Source: Trading View
Commentary From The Managers
Subscribe To Unlock
Date
Price
Summary
Unlock Recent Updates With ThesisTracker Pro
Don’t let information asymmetry undermine your investment returns. Join other engaged investors on ThesisTracker Pro.
Saville Capital
31 Aug 2025
$0.07
Summary
- Saville Capital notes that IDT delivered a very disappointing FY25 result, leading to the immediate resignation of its CEO.
- Despite a strong revenue growth of over 40% in FY25, the growth in the cost base has resulted in higher EBITDA and NPAT losses compared to FY24.
- The demand for IDT's services remains strong, indicating potential for recovery.
- IDT is committed to its transformation program launched three years ago to restore profitability.
- Under new leadership from the Executive Chairman, IDT is conducting a comprehensive review of operational and business activities.
- Saville Capital anticipates that profitability may be achieved by FY26.
- IDT has over half of its $20m loan facility undrawn, providing sufficient funding capacity to support its journey toward profitability.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Text:
Text:
Text:
Summary
-
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua, ut enim ad minim veniam.
-
Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat, sed ut perspiciatis unde omnis iste.
-
Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur, at vero eos et accusamus et iusto odio dignissimos.pedita.
Updates are made available to members within 12 hours in accordance with the ThesisTracker Pro Service Level Agreement.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Commentary From The Managers
Saville Capital
31 Aug 2025
$0.07
- Saville Capital notes that IDT delivered a very disappointing FY25 result, leading to the immediate resignation of its CEO.
- Despite a strong revenue growth of over 40% in FY25, the growth in the cost base has resulted in higher EBITDA and NPAT losses compared to FY24.
- The demand for IDT's services remains strong, indicating potential for recovery.
- IDT is committed to its transformation program launched three years ago to restore profitability.
- Under new leadership from the Executive Chairman, IDT is conducting a comprehensive review of operational and business activities.
- Saville Capital anticipates that profitability may be achieved by FY26.
- IDT has over half of its $20m loan facility undrawn, providing sufficient funding capacity to support its journey toward profitability.
Summary
Sandon Capital
31 Aug 2025
$0.07
- IDT announced a very poor FY25 result with increased losses despite >40% revenue growth.
- It is clear that revenues were pursued with insufficient regard for costs.
- The CEO tendered his resignation in early August.
- Sandon Capital expects cost reductions and a focus on achieving profitability to be key objectives for the Board and management team.
Summary
Sandon Capital
30 Apr 2025
$0.12
- Continuing momentum in recent contract wins: IDT has secured a manufacturing contract with Nacuity Pharmaceuticals Pty Ltd.
- Contract details: The contract is for an investigational treatment for retinitis pigmentosa with a term of five years and an initial $3.2 million statement of work.
- Completion timeline: The initial work is expected to be completed by the end of FY26.
- Strong revenue growth: IDT reported a 30% revenue increase in 3QFY25 compared to the previous corresponding period.
- Positive outlook: The outlook remains strong despite a volatile global trade environment.
- New client proposals: IDT issued new client proposals worth a total of $25.5 million in the quarter, raising the total value of open proposals to $61.8 million.
Summary
Sandon Capital
28 Feb 2025
$0.10
- IDT’s revenues have been growing strongly since the Board and management changes instituted approximately two years ago.
- However, the 1HFY25 result demonstrated that profitability is yet to be achieved.
- IDT indicates that profits and cash flow are a key focus for the company.
- Sandon Capital expects an improvement in these measures in the second half of the financial year.
- Continued revenue growth should outpace the costs from investments in infrastructure and personnel.
- There is also the possibility of higher margins as revenue shifts towards Advanced Therapies products.
Summary
Saville Capital
31 Jan 2025
$0.12
- IDT’s 2Q FY25 revenue of $5.3m increased by 97.7% year-on-year, marking the highest revenue since the strategic transformation program began.
- Significant revenue boost and new contracts stemmed from growth in the Advanced Therapies vertical, which offers higher margins due to complex manufacturing needs and high barriers to entry.
- A substantial portion of demand arises from repeat business and US-based customers, enhancing geographic diversity.
- Australia is increasingly attractive for clinical trials due to its cost-effectiveness, high regulatory standards, and tax incentives, benefiting IDT.
- IDT’s independence and strong reputation in drug development position it as a key beneficiary of the trend.
- In the quarter, IDT submitted 20 customer proposals valued at $17.8 million, indicating a robust pipeline.
- This strong pipeline and IDT’s history of securing contracts suggest expectations that FY25 results will exceed the prior year.
Summary
Sandon Capital
31 Jan 2025
$0.12
- IDT announced another positive update with 1QFY25 revenue nearly doubling to $5.3 million.
- 1HFY25 revenue is expected to be $10.5 million, an 82% increase on the prior period.
- The company won $12.9 million of contracts in 2QFY25, primarily from returning and US-based customers.
- This bodes well for continued revenue growth going forward.
- Improved profitability is anticipated as customers transition from development work to higher margin manufacturing contracts.
- The strongest growth is coming from the Advanced Therapies vertical, which typically attracts higher margins.
Summary
Saville Capital
31 Dec 2024
$0.11
- Saville Capital recognizes the significant development of IDT Australia Limited (IDT) with a new three-year $20m loan facility.
- This facility offers financial flexibility essential for supporting IDT's growing sales pipeline.
- IDT's strategic move replaces the existing $4.7m facility with NAB, emphasizing their commitment to scaling operations.
- The loan enables IDT to capitalize on contract wins and expanding market opportunities both domestically and internationally.
- With an interest rate of 10.60% pa, the facility is secured against IDT's asset portfolio.
- Similar to developments with MCA, this financing moves IDT towards being cash flow positive, relieving pressure on shareholders to provide further equity.
- Saville Capital continues to hold a positive outlook on IDT, anticipating continued growth and stability.
Summary
Saville Capital
30 Nov 2024
$0.10
- Saville Capital updates its investment thesis on IDT Australia Ltd amid recent developments.
- IDT received a non-binding proposal from Myndbio Pty Ltd for the potential acquisition at an indicative price of up to A$0.15 per share.
- Mynd has not provided an updated proposal in a timely manner post-due diligence, leading the IDT Board to terminate discussions.
- The Board is open to revisiting discussions with Mynd if a new proposal is presented but is currently focusing on maximizing shareholder value.
- IDT's growth strategy aims to achieve a sustainable level of profitability by FY25.
- Saville Capital believes the bid has distracted from IDT's strong operational performance.
- Short-term reactions may result in some holders selling, but this could allow for a more efficient response to future positive updates.
- Saville Capital continues to hold its investment in IDT, emphasizing ongoing positive momentum towards sustainable profitability.
Summary
Sandon Capital
31 Oct 2024
$0.13
- Unaudited revenue of $5.2 million at IDT reached a two-year high in the September quarter, representing a 70% increase over the prior corresponding period.
- The strongest growth was observed in the Advanced Therapies division, bolstered by the recently announced Sanofi Australia contracts.
- There is a growing demand for Antibody Drug Conjugates (ADC) and messenger RNA (mRNA) technologies.
- IDT is generating a significant amount of repeat work from returning customers, establishing more predictable revenue streams.
- The outlook remains robust with $6.8 million of contracts secured in the September quarter.
- A total of 37 proposals submitted with a value of $24.7 million, with approximately 60% of these to existing customers.
Summary
Saville Capital
31 Oct 2024
$0.13
- IDT reported unaudited revenue of $5.2m in lQ FY24, marking a significant increase of 70% on the previous period.
- This revenue is the highest since the start of its strategic transformation program.
- IDT secured $6.8m in new contracts for the quarter, all from returning customers.
- This repeat business typically yields improved profitability as customers shift from development work to higher-margin manufacturing contracts.
- The Company submitted 37 new customer proposals valued at $24.7m, with about 60% directed at existing customers.
- The growing pipeline and IDT's strong track record of converting proposals into contracts support expectations for FY25 results to exceed prior year.
- All factors suggest that IDT is moving towards a sustainable profitability position.
Summary
Saville Capital
31 Aug 2024
$0.12
- Saville Capital continues to hold IDT Australia Ltd as it secured a follow-on contract with Sanofi.
- The contract is valued between $2.5m and $4m for preclinical formulation, development, and manufacturing of Sanofi’s mRNA technology.
- This follows the Master Service Agreement (MSA) with Sanofi, announced in April 2024, which provides flexibility for additional services.
- IDT generated $13.5m in revenue for FY24, with an annualised run-rate of $18.4m.
- This new contract is expected to support the forecast growth to over $20m in revenue for FY25.
- The anticipated revenue growth is aligned with achieving profitability in the near future.
Summary
Saville Capital
31 July 2024
$0.13
- IDT had a very strong finish to FY24, with 4Q revenue up +87% on pcp.
- FY24 revenue came in at $13.5m, up +92% on pcp and ahead of guidance.
- Growth in 4Q largely came from higher margin divisions, notably Advanced Therapies.
- Advanced Therapies is aligned with rapidly growing areas in medical technology, specifically Antibody-Drug Conjugates (ADC) and mRNA.
- The Company is confident in generating strong revenue growth into FY25.
- IDT’s pipeline is robust, with $24.7m worth of proposals under active consideration, mostly for Advanced Therapies.
- There was a significant surge in the number of sales leads in June 2024, increasing to 114 leads compared with 29 in April and May combined.
- No update on the non-binding indicative proposal from Myndbio to acquire IDT for $0.15/share, but further news is expected soon.
Summary
Sandon Capital
31 July 2024
$0.13
- IDT provided a strong operating update with 4Q unaudited revenue rising 87% to $4.6 million.
- This brings FY24 revenue to $13.5 million, a 92% increase on the prior corresponding period (pcp).
- The important Advanced Therapies and API Manufacturing segments have been the key drivers of the growth.
- Sandon Capital continues to hold because IDT remains well placed to deliver on its target to be free cash flow positive before the end of the calendar year.
Summary
Sandon Capital
30 June 2024
$0.11
- IDT announced a capital raising to fund capital expenditure for mRNA therapeutics and enhance capabilities in Antibody Drug Conjugate.
- Focus on increasing work orders and general working capital.
- Significant progress made over the last 12-18 months with domestic and international contracts.
- Funds raised expected to support recent strong growth.
- IDT received a non-binding indicative proposal from Myndbio Pty Ltd for a potential acquisition at $0.15 per share.
Summary
Saville Capital
31 May 2024
Unknown
- Non-binding takeover bid for IDT at $0.15/share from Mynd Biotech.
- Bid coupled with a $7m capital raising at $0.09/share for equipment upgrades and working capital.
- IDT was trading at $0.10 at the end of May, indicating a potential mispricing in the micro-cap segment.
- Strong possibility of strategic interest from multiple parties due to ownership of a GMP-certified and TGA licensed facility.
- IDT has a Net Tangible Asset (NTA) of ~$0.08/share and a replacement value of $0.24/share.
- Saville Capital continues to hold and has increased their position in IDT, which is ~10% of their portfolio.
- IDT is viewed as a potential strong contributor to performance as developments unfold.
Summary
Saville Capital
30 Apr 2024
$0.09
- IDT signed a Master Service Agreement with Sanofi Australia for cGMP manufacture of global mRNA assets.
- Collaboration focuses on mRNA-based vaccine formulation and clinical trial material, targeting various indications.
- The agreement provides flexibility for Sanofi to select services and includes follow-on work packages.
- The initial order's value is estimated at $3m to $3.5m, over 25% of IDT’s current annual revenue run-rate.
- Significant ongoing work expected annually from the contract.
- This revenue falls under IDT’s Advanced Therapies AT vertical, aligning with their strategic vision for higher-value contracts.
- IDT has a unique aseptic sterile fill facility for mRNA downstream processing in the Asia Pacific.
- The 3Q FY24 update shows continued strong growth with revenue of $3.2m, up 48% on pcp.
- IDT also secured $4.9m in new contracts, including the Sanofi contract.
- Total current client proposals increased by 17% to $26.6m by the end of the quarter.
- With current growth trajectory and sales pipeline, IDT remains on track to become profitable in FY25.
Summary
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
ANALYST INSIGHT
Equity Research Analyst
"With a pivotal contract potentially boosting revenues by over 25%, IDT Australia Ltd seems poised to capitalize on the mRNA wave. Their strategic alignment with Sanofi could redefine their market position, making FY25 profitability appear increasingly within reach."
Last Updated: 31 Aug 2025
Query The Data
Frequently Asked Questions
Who is investing in IDT Australia Ltd (ASX:IDT)?
Fund managers including Saville Capital and Sandon Capital have invested in IDT Australia Ltd (ASX:IDT).
Why do fund managers invest in IDT Australia Ltd?
Fund managers are investing in IDT Australia Ltd due to its strategic partnership with Sanofi Australia, which enhances its revenue potential through a Master Service Agreement for mRNA manufacturing. This contract, valued at $3m to $3.5m, represents over 25% of IDT's annual revenue run-rate and paves the way for ongoing projects. IDT's unique aseptic sterile fill facility positions it well in the growing advanced therapies market. Additionally, the company reported a 48% revenue increase and a strong sales pipeline, indicating a solid growth trajectory towards profitability by FY25.
What happened to IDT Australia Ltd (ASX:IDT)?
Fund managers are investing in IDT Australia Ltd due to its strong revenue growth of over 40% despite recent disappointing financial results and increased losses. The resignation of the CEO has prompted a strategic shift, focusing on cost reductions and profitability. The company remains committed to its transformation program and is under new leadership, which is conducting a comprehensive review of operations. Additionally, with significant funding capacity available, IDT is positioned to navigate challenges and aim for profitability in FY26.