US/UK/Canada

Share

Pick a time period -
Tags ( Active)

DNB Markets – Episurf Medical: New US distributor agreement

Episurf Medical reported Q1 earnings (loss) broadly in line with our expectation, despite somewhat lower sales. While it seems to have lost some short-term momentum on a shift from own sales to more distributors, we expect a recovery in the coming quarters. The company signed another US distribution agreement after quarter-end and we expect more to come over time. We have adjusted our fair value to SEK0.75–2.25 (1.5–4.5) for the announced rights issue.Earnings improving but not as fast as expected. Q1 sales were SEK3.1m, versus our estimate of cSEK3.9m, and the operating loss was cSEK20.6m,

DNB Markets – Episurf Medical: Sales moving in the right direction

Q4 sales were in line with our forecast, but operating expenses were higher. Overall, we believe sales growth will be the most important parameter to track short- to medium-term. If growth continues to be strong in the OUS market and uptake of the patellofemoral system takes off in the US, we believe the company would enter a phase of high growth. It had cSEK58m cash at end-Q4, which should last until end-2024. We have tweaked our forecasts, but reiterate our fair value of SEK1.5–4.5.Q4 sales in line with our forecast but earnings lower. Sales were SEK3.2m (we forecast SEK3.3m) but

DNB Markets - Episurf Medical: CMD and Q3 results

Episurf Medical hosted a CMD on 16 November at which it discussed the state of the company and its long-term plans. International expansion will be even more important in the future, in our view. The company is still suffering from the effects of the pandemic, and Q3 sales were thus lower than we expected, though its operating losses were in line with our forecast. We reiterate our fair value for Episurf of SEK3.3–9.3.CMD summary. Episurf Medical hosted a CMD on 16 November, which focused on its plans and product portfolio and talks by Key Opinion Leaders on the data and results for the

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-

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

DNB Markets - Episurf Medical: Q3 report a non-event

The company reported its Q3 earnings (loss) on 29 October, but the key information was already known (released with the capital raise in mid-October), so the report was a non-event. We still like the progress being made, with a broadening of the product pipeline, more clinical documentation being published, and now also a more solid financial position. We reiterate our fair value of SEK3.5–9.5.Q3 earnings pre-announced earlier in October. With its refinancing in mid-October, the company pre-announced Q3 earnings (loss), so Friday’s Q3 report was somewhat of a non-event. As previously

DNB Markets - Episurf Medical: Financial position secured

Episurf Medical last night reported preliminary Q3 results as well as a capital raise of cSEK159m, which should secure its financial position into 2025, well past all important value inflection points regarding the EPIC Knee trial and potential 510(k) approval for the patellofemoral and MTP1-joint (big toe) implants in the US. We have updated our forecasts, and in turn lifted our fair value to SEK3.5–9.5 (previously SEK2.7–8.2).Q3 still affected by the pandemic. The company last night announced preliminary Q3 results. It said sales continued to be hurt by the pandemic and as a result should

DNB Markets: Episurf Medical - New long-term data strengthens the story

The company announced on 2 September that the 5–7-year follow-up data for the first trial with the Episealer system has been accepted for publication. We view this as important (even though it is a small trial) as it should validate the long-term outcome of Episealer treatment. We understand there have been no revisions for five years and the patients feel as well as after the 2-year follow-up. We reiterate our fair value of SEK2.7–8.2.Long-term follow-up data of first Episealer patients to be published. The company announced on 2 September that the long-term follow-up data for the first

DNB Markets - Episurf Medical: Moving closer to the US market

The Q2 report was essentially in line with our expectations. Episurf plans to file for a 510(k) clearance in the US in Q4 for the Patellofemoral implant system. There have been some delays in the EPIC knee trial and we have pushed the completion and subsequent launch back c1 year (launch in the US in 2025). We have lifted our fair value for the shares to SEK2.7–8.2 (previously SEK2.5–8).Q2 report essentially in line with our expectations. The company reported revenues of SEK2.1m (our estimate: cSEK2m). Product sales were cSEK2m (our estimate: cSEK1.9m). Sales were up by c233% YOY but Q2

DNB Markets - Episurf Medical: Moving forward despite Covid-19

The company’s overall Q4 report (19 February) was strong, given the headwind among almost all elective procedures in Q4. However, underlying sales still increased YOY in 2020, a good sign. During the year, the amount of published clinical data increased (and should continue to rise in 2021) and this strengthens the company’s competitive position. Focus going forward will be on the EPIC-knee trial and the patellofemoral implant aimed to be filed in the US this year. We have lifted our fair value for the shares to SEK2.5–8 (previously SEK1.9–6.5).Q4 earnings hurt by the pandemic. Sales of

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

DNB Markets – Episurf Medical: CMD 2020 highlights

The company hosted a CMD in mid-September where management presented its long-term views. There were also several interesting presentations from KOLs in the industry, discussing the benefits for patients and doctors of the Episealer implant system. We believe Episurf Medical is moving rapidly in the right direction and that the clinical documentation is improving (and very strong). Based on the longer-term outlook, we have adjusted our fair value to SEK1.9–6.5 (1.3–3.9).Clinical documentation key for future sales success in our view. In recent years, the documentation supporting the

DNB Markets - Episurf Medical: Strong long-term data

The company today announced strong long-term follow-up data from the initial Episealer trial done in Sweden. We previously saw 24-month data; the patients have now been followed for 75 months and the data still looks excellent. This is important for Episurf Medical, as many doctors as well as payers request long-term follow-up for the implant system to be included in treatment algorithms and reimbursement systems. We reiterate our fair value of SEK1.3–3.9.Long-term follow-up from first 10 patients treated. Episurf Medical reported the long-term follow-up for the first 10 patients treated

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

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.

DNB Markets – Episurf Medical: Case getting stronger by the day

Yesterday, the company announced that the rights issue announced earlier this year has been completed. In our view, the company is clearly moving in the right direction with the financing being the last piece of the puzzle. In early 2020, it has released strong clinical data supporting the implant system, and now the financial situation is secured until 2022. In total, the company has raised cSEK140m before costs.More and more clinical data has emerged during H1 2020. As we have pointed out before, clinical data is a prerequisite for a successful launch of a new implant system. Over the

Talus implant approved in the EU

It took longer than expected for EpiSurf to get the new Talus implant system approved for marketing in Europe but it is now finally in place. We expect this to become a sizeable market over time, given the lack of alternatives and the number of patients suffering from defects in the talus. The company has not offered an over-abundance of details on the outlook for this market segment and we expect it to provide more information over the coming months.The talus implant system approved for marketing in the EU. It took slightly longer than expected to obtain approval for the implant system in

Analysguiden: Opportunity to buy the dip

Episurf reported net sales below our as well as the market’s estimation. Looking beyond the numbers, things are starting to happen. We still see upside opportunity as the current share price does not reflect the full potential.Episurf is a med tech company based in Stockholm, Sweden. Episurf develops, prod-uces and sells knee implants for patients with early stage osteoarthritis (OA). The number of patients is growing and the available treatment methods have shown to be clinically insufficient. This creates a treatment gap on which Episurf intend to capitalize. The company’s implants are

There are no items matching the current filter
There are no more items matching the current filter
Back to top

Subscribe