DNB Markets – Episurf Medical: Covid-19 to affect procedures
On 24 April Episurf Medical reported solid Q1 earnings, especially bearing in mind that EpiSealer procedures are typically elective and hence among the areas where healthcare organisations globally have lowered activity levels in the wake of Covid-19. This effect should be even more pronounced in Q2. Overall, we believe the company is moving in the right direction and its stable financial situation is a big benefit in the volatile times ahead due to the Covid-19 pandemic. We calculate a fair value of SEK1.4–4.1 (previously SEK1.6–4.3).Q1 affected by Covid-19 and impact set to increase in Q2.