DNB Markets – Episurf Medical: Clinical data strengthens the case
In our view, the most important events in Q3 were the presentation of long-term clinical data from the Swedish trial and very strong 2-year follow-up data from the large European (80 patients) multi-centre trial. Q3 was largely in line with our expectations, and we note that the number of procedures is increasing despite a negative Covid-19 impact. We reiterate our fair value of SEK1.9–6.5.Q3 operating loss in line with our forecast. Q3 sales of SEK1.5m were up 36% YOY and 150% QOQ. However, Q2 was severely affected by the Covid-19 pandemic (with sales hit by postponed elective surgical