DNB Markets – Episurf Medical: Covid-19 hit in Q2, as expected
As we expected, Covid-19 had a clear impact on the number of implant procedures in Q2. As these are elective procedures, they can easily be postponed (as seen in Q2). Despite this, we believe the company had a strong quarter with a good cost control. Over the coming quarters, we believe sales should gradually return. Our new fair value is SEK1.3–3.9 (1.4–4.1).The pandemic affected Q2, as we expected. Sales of cSEK0.6m were clearly below our estimate of cSEK1m. However, as the company is in the early phase of its product introduction, it has few high-volume users and local restrictions can