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2020-10-13

Analysis Brighter: "Imminent Regulatory Approvals"

Detta är en betald analys på uppdrag av Brighter utförd av Analysguiden
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Market Approval in UAE Drags On

As the focus for most healthcare authorities today is on dealing with the acute situation that prevails with Covid-19, it is clear that the launch of a new service such as Actiste is competing for attention with other priorities. Unfortunately, the market approvals Brighter needs in the United Arab Emirates, among others, have dragged on. Since 2020 seems to be an interim year, we choose to postpone our sales estimates somewhat in time. We continue to see great potential in Brighter's share as well as the company's offerings in diabetes and other indications. The company's potential becomes especially clear in an international comparison with similar companies.

Other Events During Q2 2020

As expected, Brighter reported only minor revenue in Q2. In Indonesia, where 10 million adults have diabetes, Brighter had a breakthrough in Q2 and a pilot study with 100 patients will begin shortly. In May, Actiste was launched in Sweden for consumers and brand ambassadors with the main purpose of collecting data on user behavior. The increased focus on telemedicine with Covid-19 has led to growth in the associated company Accumbo's user base. Since its launch in March 2020, their online consumer service has grown to 13,000 users. Furthermore, Brighter's subsidiary Camanio during the autumn won a framework agreement with Sweden's municipalities regarding security alarms. Brighter has also got a new board with experienced people who have an industry-related profile in digital health. The insider investigation concerning the company's former chairman continues. The case concerns him as a private individual and the company has not been asked to be part of the investigation.

International Comparison Upside

Actiste is a subscription service that facilitates self-care for type-2 diabetics who are treated with insulin. Initially, the company focuses on selling the service in Sweden, Southeast Asia and the Middle East. The fact that Actiste has taken a long time to be approved for some markets is of course frustrating for the company. As 2020 will be something of an interim year, we choose to adjust our target price to SEK 7.80 (from the previous SEK 9.40), but see continued potential in the share in the long run. Brighter focuses mainly on markets with a high prevalence of diabetes. At present, this means the Gulf states and Southeast Asia, but in the future, the United States may also be relevant.

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