ifa systems & Topcon are bonding their partnership in joint distribution efforts

ifa systems AG (ISIN DE0007830788, Entry Standard, IS8 GR) has reported provisional results for 2016 at record levels: Product sales were reported with € 8.9 Mill., an increase of 7.3% yoy.; EBIT came in at € 2.7 Mill. Full year earnings will result in EPS of € 0.77.

We saw a first ifa Health-IT installation for the Japan market in Q4/2016. With a further installation ifa systems initiated an international telemedicine project using the new system IMAGEnet^® Research at university hospital in Asahikawa. Key Opinion Leaders suggested to expand this project to other medical disciplines like cardio, diabetes, etc.

There are further prominent Health-IT projects in eye care hospitals in Peru and in France with a volume of T€ 300+. Meanwhile ifa systems has a distinct position in the ophthalmology space. The ifa brand stands for technological leadership and clinical workflow to meet highest standards of excellence.

ifa’s global distribution structure will receive a push. The network already in place will be partnered with the Topcon distribution capabilities which have a much higher density around the globe. Such efforts should be completed by year-end 2017.

Ifa’s European home market is on the move. The German E-Health law will ignite business volume in D/A/CH region within the next 15 months.

We have increased the fair value of ifa systems from € 17.88 to € 18.22 per share. The stable business model and a solid order book are backing up our rationale. We are still positive for the stock maintaining our “buy“ recommendation.