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2026-02-06 08:30 Bokslutskommuniké 2025
2025-10-24 08:30 Kvartalsrapport 2025-Q3
2025-07-11 08:30 Kvartalsrapport 2025-Q2
2025-04-25 08:30 Kvartalsrapport 2025-Q1
2025-04-03 N/A Årsstämma
2025-02-05 08:30 Bokslutskommuniké 2024
2024-10-25 - Kvartalsrapport 2024-Q3
2024-07-12 - Kvartalsrapport 2024-Q2
2024-05-22 - Extra Bolagsstämma 2024
2024-04-24 - Kvartalsrapport 2024-Q1
2024-04-10 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2024-04-09 - Årsstämma
2024-02-09 - Bokslutskommuniké 2023
2023-10-27 - Kvartalsrapport 2023-Q3
2023-07-14 - Kvartalsrapport 2023-Q2
2023-05-03 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2023-05-02 - Årsstämma
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 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2022-04-04 - Årsstämma
2022-02-11 - Bokslutskommuniké 2021
2021-10-29 - Kvartalsrapport 2021-Q3
2021-07-16 - Kvartalsrapport 2021-Q2
2021-05-11 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2021-05-10 - Årsstämma
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 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2020-04-02 - Årsstämma
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 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2019-04-08 - Årsstämma
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 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2018-04-09 - Årsstämma
2018-02-23 - Bokslutskommuniké 2017
2017-11-10 - Kvartalsrapport 2017-Q3
2017-08-18 - Kvartalsrapport 2017-Q2
2017-05-23 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2017-05-22 - Årsstämma
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 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2016-05-24 - Årsstämma
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 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2015-05-06 - Årsstämma
2015-05-06 - Kvartalsrapport 2015-Q1
2015-02-20 - Bokslutskommuniké 2014
2014-11-07 - Kvartalsrapport 2014-Q3
2014-08-22 - Kvartalsrapport 2014-Q2
2014-06-04 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2014-06-03 - Årsstämma
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 - Kvartalsrapport 2013-Q1
2013-05-03 - X-dag ordinarie utdelning EPIS B 0.00 SEK
2013-05-02 - Årsstämma
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
2012-05-04 - 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
2011-05-21 - 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

Beskrivning

LandSverige
ListaSmall Cap Stockholm
SektorHälsovård
IndustriMedicinteknik
Episurf Medical är ett verksamt 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.
2023-02-19 17:53:51

Q4 earnings were below our forecast, but there were clear positives in the report including a growing customer base and the first distribution agreement in the US (for the recently cleared patellofemoral implant system). We have made only minor forecast changes and reiterate our fair value of SEK3.3-9.3.

Q4 earnings were below our forecast, but there were clear positives in the
report including a growing customer base and the first distribution agreement
in the US (for the recently cleared patellofemoral implant system). We have
made only minor forecast changes and reiterate our fair value of SEK3.3-9.3.

Q4 earnings softer than expected. Q4 revenues were SEK2m (c35% below our
estimate of cSEK3.1m) and EBIT was cSEK-23.6m (c19% below our forecast of cSEK
-19.8m). Higher than expected operating costs related largely to the intense
work related to the 510(k) process for the patellofemoral implant system. The
end-Q4 cash position was cSEK155m, marginally below our cSEK157m forecast.

Customer base grew c72% YOY in Q4 and c52% in 2022. This is good as
orthopaedic surgeons typically like to test a product before they decide
whether to use it more routinely, so a higher number of surgeons who have
tested one or more of its products is important.

First distribution agreement signed in US for patellofemoral system. The
company received its 510(k) clearance late last year and has now signed its
first distributor agreement in the US (local distributor in the Minnesota
area). We believe more such agreements will be signed as the marketing
strategy is to use freestanding distributor organisations rather than building
a proprietary organisation. In our forecasts we have assumed the company will
pay a c30% distribution margin to its US distributors.

We expect focus on commercialisation in 2023 onwards. With the company's
portfolio of personalised implants approved in many markets, we expect
increased focus on commercialisation in the coming years. It has already
partly restructured its European organisation and should continue to build a
US distribution network for the patellofemoral implant. Also, it reiterated
that the 510(k) application for the MTP implant (for the big toe) should be
filed this year and - if things go as planned - be launched in the US in 2024.

Recruitment for EPIC knee trial still a challenge. Recruitment to the PMA
trial for US approval of Episealer knee implant system still faces recruitment
challenges. The company is trying to speed up recruitment and now plans to
file for PMA approval in 2026. Hence, we include first revenues from the
Episealer system in the US in late 2027e.

SEK3.3-9.3 fair value reiterated. We believe the growing customer base is
promising and the company should sign more distribution agreements for the
patellofemoral system in the US and hence focus on commercialising its
products.
Patrik Ling | DNB Markets | Equity Research | Senior Analyst Healthcare
DNB Bank ASA
Regeringsgatan 59 | Stockholm | Sweden
E-mail: patrik.ling@dnb.se| www.dnb.no
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