Embla Medical (Buy, TP: DKK39.00) - Awaiting Medicare update
We expect Q2 organic growth to be largely in line with Q1’s, and as H1 headwinds should have improved by H2 and given the timing of new product launches, we believe Embla Medical is on track to meet or exceed the high end of its 2024 guidance. By the time of the Q2 results, we may also have had an update from Medicare on the proposed reimbursement for prosthetics, which would provide a significant tailwind for Embla Medical for years to come. We reiterate our BUY and DKK39 target price.Ossur is an orthopaedics solutions group based in Iceland. Co. specializes in the manufacture and sale of high quality orthopaedic solutions. Co. is engaged in the development and manufacturing of products in three categories: Bracing and Support (products are primarily used to support joints and other body parts, both for therapeutic and preventive purposes); Prosthetics (products include artificial limbs and related products for individuals without limbs or with limbs amputated); and Compression Therapies (treatment for venous ulcers and edema). Co.'s product line includes brands: RHEO KNEE®, POWER KNEE™ and PROPRIO FOOT®. Co. orthopaedic market includes the Americas, EMEA and Asia.
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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