PhotoCure (Buy, TP: NOK150.00) - US BLC launch delayed to end-Q3
Photocure announced this week that component issues had delayed Karl Storz’s launch of its new high-definition BLC in the US until end-Q3. This is a short-term negative in terms of our forecasts, but has little impact on the long-term case in our view. Photocure installed five flexible BLCs (no rigid BLCs) in Q2; we expected six in total. Management said it is focusing on increasing use among existing customers, which we believe is going well. We reiterate our BUY and NOK150 target price.Photocure is a Norwegian based specialty pharmaceutical company. Co. develops and commercializes solutions in several disease areas such as bladder cancer, colorectal cancer, HPV and precancerous lesions of the cervix, acne and other dermatologic conditions. Co. has one marketed product that Co. commercializes directly in the U.S. and the Nordic region is Hexvix®/Cysview®, for detection of bladder cancer.
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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