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Episurf Medical AB: 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 Episealer Implant system. We believe the company is in a significantly better position to market its implant system than it was a few years ago given the large amount of clinical data that has emerged and matured in recent years. We see a TAM of cUSD2bn over time in the sub-segments of the orthopaedic market that the company is addressing.

The product assortment and geographic reach is increasing. We believe the broadening of the company's product assortment (with a talus implant, MTP implant and patellofemoral implant in addition to its knee implant system) is a positive, especially given that some of the newer implants do not require PMAs to receive approval in the US. The company is also set to continue to introduce products in new geographical markets from 2023.

Foundation for sales growth appears to be in place. We believe the company's broader product assortment, greater geographical reach, and the emergence and maturation of more clinical data combined with increased usage per client (as they become more familiar and comfortable with the products) will drive sales growth. Thus, all the prerequisites for sales growth are in place, in our view.

Fair value of SEK3.3-9.3 reiterated. The company has continued to develop its data set, and the clinical experience among users is rapidly increasing. In the orthopaedic implant market, data and user experience are important sales drivers, and although sales in absolute terms have not yet taken off sharply, we believe the company is better positioned now to see growth materialise in the coming years.

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Patrik Ling | DNB Markets | Equity Research | Senior Analyst Healthcare
Regeringsgatan 59 | Stockholm | Sweden

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