DNB Markets - Episurf Medical: Looking past Covid-19
Q4 was clearly hit by Covid-19, but we expect things to improve over the coming quarters (although Q1 might still see some negative impact). With society generally re-opening and companies such as Episurf Medical getting better access to customer sites, we believe sales should rise in 2022 and into 2023. Our fair value is SEK3.3–9.3.Q4 earnings broadly in line with expectations. The pandemic still had a significant negative impact on customer access and thus sales for Episurf Medical in Q4. The company reported product sales of cSEK1.5m (we forecast cSEK1.7m) and an operating loss of