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Beskrivning

LandSverige
ListaSmall Cap Stockholm
SektorHälsovård
IndustriMedicinteknik
Episurf Medical är ett verksamma inom medicinteknik. Bolaget driver forskning och utveckling av produkter som används för behandling av broskskador. Episurfs primära fokus är riktat mot återhämtning av knäleder men bolagets implantat kan även appliceras på övriga leder. Episurf Medical befinner sig i preklinisk verifieringsfas och har sitt huvudkontor i Stockholm.

Kalender

2024-02-09 Bokslutskommuniké 2023
2023-10-27 Kvartalsrapport 2023-Q3
2023-07-14 Kvartalsrapport 2023-Q2
2023-05-02 Årsstämma 2023
2023-04-28 Kvartalsrapport 2023-Q1
2023-02-17 Bokslutskommuniké 2022
2022-11-16 Kvartalsrapport 2022-Q3
2022-07-15 Kvartalsrapport 2022-Q2
2022-04-29 Kvartalsrapport 2022-Q1
2022-04-05 Ordinarie utdelning EPIS B 0.00 SEK
2022-04-04 Årsstämma 2022
2022-02-11 Bokslutskommuniké 2021
2021-10-29 Kvartalsrapport 2021-Q3
2021-07-16 Kvartalsrapport 2021-Q2
2021-05-11 Ordinarie utdelning EPIS B 0.00 SEK
2021-05-10 Årsstämma 2021
2021-04-29 Kvartalsrapport 2021-Q1
2021-02-19 Bokslutskommuniké 2020
2020-10-23 Kvartalsrapport 2020-Q3
2020-07-17 Kvartalsrapport 2020-Q2
2020-04-24 Kvartalsrapport 2020-Q1
2020-04-03 Ordinarie utdelning EPIS B 0.00 SEK
2020-04-02 Årsstämma 2020
2020-03-10 Extra Bolagsstämma 2020
2020-02-07 Bokslutskommuniké 2019
2019-10-25 Kvartalsrapport 2019-Q3
2019-07-19 Kvartalsrapport 2019-Q2
2019-05-07 Extra Bolagsstämma 2019
2019-04-26 Kvartalsrapport 2019-Q1
2019-04-09 Ordinarie utdelning EPIS B 0.00 SEK
2019-04-08 Årsstämma 2019
2019-02-08 Bokslutskommuniké 2018
2018-10-26 Kvartalsrapport 2018-Q3
2018-07-20 Kvartalsrapport 2018-Q2
2018-04-27 Kvartalsrapport 2018-Q1
2018-04-10 Ordinarie utdelning EPIS B 0.00 SEK
2018-04-09 Årsstämma 2018
2018-02-23 Bokslutskommuniké 2017
2017-11-10 Kvartalsrapport 2017-Q3
2017-08-18 Kvartalsrapport 2017-Q2
2017-05-23 Ordinarie utdelning EPIS B 0.00 SEK
2017-05-22 Årsstämma 2017
2017-05-15 Kvartalsrapport 2017-Q1
2017-02-24 Bokslutskommuniké 2016
2017-02-20 Extra Bolagsstämma 2017
2016-11-04 Kvartalsrapport 2016-Q3
2016-08-19 Kvartalsrapport 2016-Q2
2016-05-25 Ordinarie utdelning EPIS B 0.00 SEK
2016-05-24 Årsstämma 2016
2016-05-17 Kvartalsrapport 2016-Q1
2016-02-23 Bokslutskommuniké 2015
2015-11-06 Kvartalsrapport 2015-Q3
2015-08-21 Kvartalsrapport 2015-Q2
2015-05-07 Ordinarie utdelning EPIS B 0.00 SEK
2015-05-06 Kvartalsrapport 2015-Q1
2015-05-06 Årsstämma 2015
2015-02-20 Bokslutskommuniké 2014
2014-11-07 Kvartalsrapport 2014-Q3
2014-08-22 Kvartalsrapport 2014-Q2
2014-06-04 Ordinarie utdelning EPIS B 0.00 SEK
2014-06-03 Årsstämma 2014
2014-05-09 Kvartalsrapport 2014-Q1
2014-02-21 Bokslutskommuniké 2013
2014-02-12 Extra Bolagsstämma 2014
2013-11-06 Kvartalsrapport 2013-Q3
2013-08-22 Kvartalsrapport 2013-Q2
2013-05-03 Ordinarie utdelning EPIS B 0.00 SEK
2013-05-03 Kvartalsrapport 2013-Q1
2013-05-02 Årsstämma 2013
2013-04-03 Extra Bolagsstämma 2013
2013-02-21 Bokslutskommuniké 2012
2012-11-21 Kvartalsrapport 2012-Q3
2012-08-22 Kvartalsrapport 2012-Q2
2012-06-04 Årsstämma 2012
2012-05-04 Kvartalsrapport 2012-Q1
2012-02-21 Bokslutskommuniké 2011
2011-11-21 Kvartalsrapport 2011-Q3
2011-08-22 Kvartalsrapport 2011-Q2
2011-07-20 Split EPIS B 6:1
2011-06-30 Årsstämma 2011
2011-05-21 Kvartalsrapport 2011-Q1
2011-05-13 Extra Bolagsstämma 2011
2011-05-02 Kvartalsrapport 2011-Q1
2011-02-18 Bokslutskommuniké 2010
2010-08-30 Extra Bolagsstämma 2010
2022-07-18 17:46:43

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-19.2m).

Rapidly growing user base. Long-term, the number of unique users will be important for the sales trend. The company has stated that during H1 the number of unique customers (66) ordering implants was more than in the whole of 2021. Even though the total order volume per user is lower than in 2021, it is important that new users are ordering their first implants, as historically the time between the first and second orders has been short, hence we believe broadening the user base should generate sales growth in H2 and early 2023.

Pipeline developing, but EPIC knee trial still slow. Management stated that the updated 510(k) application in the US for the Episealer Patellofemoral System had been submitted to the FDA and is now under substantive review. It is aiming for clearance before end-2022. For the Episealer MPT system (for arthrosis in the big toe joint), the company is planning to submit the 510(k) application in late 2022 or early 2023. The only question we have concerns the EPIC knee trial in the US, which is still behind schedule. However, among other things Episurf Medical is in discussion with the authorities about protocol adjustments to make the trial easier to recruit to. We expect the full Episealer knee implant system to be marketed in the US from late 2025.

Fair value of SEK3.3-9.3/share reiterated. Sales should benefit in the quarters ahead from fading pandemic headwinds and higher activity in sales and marketing. Hence, we believe Episurf Medical is clearly moving in the right direction.

Click here to view full report (https://www.dnb.no/seg-fundamental/fundamentalweb/GetReports.aspx?file=CMPSP_197369.pdf&Sid=1-9HRQPCA)

Patrik Ling | DNB Markets | Equity Research | Senior Analyst Healthcare
E-mail: patrik.ling@dnb.se| www.dnb.no