BIOM'UP: Opening of centres fails to translate into sales at this stage | BUY | EUR9.4 vs. EUR11.9
BIOM'UP - BUY | EUR9.4 vs. EUR11.9 (+140%)Opening of centres fails to translate into sales at this stage
EUR627k in sales for HEMOBLAST in 2018
Opening of new centres continues at a fast pace…
… yet management guidance was too ambitious, so were our ests.
EUR31m in cash implies YE’19 visibility. FV down to EUR9.4
Share-based compensationBiom'Up develops and sells collagen-based implantable and resorbable medical and biomaterial devices derived from biopolymers mainly in France and the United States. Co. has created clinically tested products for use in many specialties such as orthopedic, spinal, acrothoracic, general, maxillofacial and dental surgeries. Co.'s portfolio includes the following products: MATRI™ BONE and COVA™, trademarked in 2009, HEMOSNOW™ in 2012, COVAMESH™ in 2013 and Co.'s flagship product HEMOBLAST™ Bellows trademarked in 2016. In the United States, Co. obtained Pre-Market Approval (PMA) for HEMOBLAST™ Bellows, giving it access to the North American market.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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