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Countdown to launch

Detta är en betald analys på uppdrag av Brighter AB utförd av analysföretaget Jarl Securities på uppdrag av Analysguiden.

Brighter have secured financing and have signed several deals with partners for the launch of Actiste®. This progress lowers the overall risk. Combined with the increased interest for companies in the health tech sector this positively influencing our view.

Actiste® is Brighters all-in-one subscription service that is meant to facilitate selfcare for diabetes patients. Mobile operators are the prospective sales channel and the company have agreements in place for their focus markets, among them the Swedish mobile operator Telia. The potential is greater in both numbers and growth in the other initial focus markets Indonesia and Thailand. The launch and the agreement in Sweden is more important as a signal to the market than anything else. Production agreements and logistics solutions are in place with renowned collaborators.  Actiste® has definitely come closer to a launch during the second half of 2017.

Thru the investment commitment by L1 Capital for a sum of up to 100 million SEK excluding warrants, Brighter have given themselves the financial stability to secure the planned launch.

There are further issues that must be resolved before it can take off. A CE – certification is necessary before the service can reach the market. A CE – certification is also a precondition for any possible subsidy which is imperative for a rapid rollout on the Swedish market.

The potential market for Actiste® is considerable and we asses that the company’s product fills a gap between the simple and the more complex solutions now present in the market. If the company manages to establish Actiste® on the market the potential is considerable and could pave the road for other applications within Brighters Drug Delivery platform (DruDe™). The demand for services within digital and mobile health is growing vigorously, while the number of diabetes patients increases. This is feeding the interest in health tech companies with diabetes solutions in their portfolio and also supports the valuation. We estimate that the closer we get to the actual launch the interest around it will bring up the heat around the stock.

All these factors support a more positive view. Meanwhile until we have a decision regarding the CE – certificate, our recommendation is Accumulate.

Författare Mats Hyttinge

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