DNB Markets – Episurf Medical: Sales moving in the right direction
Q4 sales were in line with our forecast, but operating expenses were higher. Overall, we believe sales growth will be the most important parameter to track short- to medium-term. If growth continues to be strong in the OUS market and uptake of the patellofemoral system takes off in the US, we believe the company would enter a phase of high growth. It had cSEK58m cash at end-Q4, which should last until end-2024. We have tweaked our forecasts, but reiterate our fair value of SEK1.5–4.5.Q4 sales in line with our forecast but earnings lower. Sales were SEK3.2m (we forecast SEK3.3m) but