DNB Markets - Episurf: Episealer adoption is accelerating
Although Episurf Medical has a long way to go until the Episealer implant system is fully established as a core treatment option, we believe there are signs the company is gaining market traction. In Q2, it reported a record-high number of unique, active customers ordering implants, and more in H1 than in the whole of 2021. We reiterate our fair value of SEK3.3–9.3/share.Q2 in line with our expectations. Sales were SEK1.9m, in line with our forecast. At the same time, the operating cost base expanded somewhat YOY (as we expected), with an operating loss of cSEK19.4m (in line with our cSEK-