Elekta (Buy, TP: SEK135.00) - US clearance of Unity
Elekta announced on 5 December that the US FDA has cleared the 510(k) Unity system for marketing in the US. This clearance was in line with company guidance and our expectations. We believe that order intake in the US market will pick up faster than in Europe thanks to the higher proportion of privately funded hospitals in the US. In its Q2 report, the company did not announce any new Unity orders but stated that two orders had been signed after the quarter and several more were in late-stage negotiations. We keep our BUY and SEK135 target price for the shares.Elekta AB is a human care company providing clinical solutions for treating cancer and brain disorders. Co. develops tools and treatment planning systems for radiation therapy including brachytherapy and radiosurgery, as well as workflow improving software systems across the field of cancer care. Co. has four product areas: Elekta Neuroscience, which develops solutions for the diagnosis and treatment of neurological diseases; Elekta Oncology, which develops clinical solutions for radiation therapy, imaging systems and clinical solutions for patient positioning and immobilization; Elekta Brachytherapy, which is engaged in cancer treatment based on internal radiation; and Elekta Software.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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