Episurf Medical Q4 in line with our expectations
Q4 sales were lower than we expected, but tight control of operating costs meant the operating loss was broadly in line with our forecast. The year-end backlog was SEK1.1m, while order intake in Q4 of SEK1.5m was a record-high and indicates healthy sales momentum going into 2019. We maintain our fair value for Episurf Medical of SEK5–14 per share.Episurf Medical AB is a Sweden-based medical technology company. It is engaged in the development, manufacture and marketing of implants and surgical drilling templates used in the treatment of local cartilage damage in knee joints. The Company's product portfolio includes the Episealer, and individually customized implant used as a cartilage replacement for early-stage patients; and Epiguide, a drill guide designed to attach to the knee's surface, as well as related surgical tools. The personalization of implants and instruments is based on magnetic resonance imaging (MRI) and enables less invasive treatment. The process of ordering and creation of patient-specific implants and surgical instruments is covered by software suite, microiFidelity, comprising microiClinic, microiDesign and microiManufacture. The main shareholder of the Company is Serendipity Ixora Fund AB.
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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