PhotoCure (Buy, TP: NOK155.00) - Q1 set to mark low point of 2022
We believe Q1 will mark the low point of 2022, mainly due to the launch of a new blue light cystoscopy (BLC) by Karl Storz in the US limiting placements of new scopes in the quarter, and omicron hurting Cysview sales in early Q2. However, we expect a strong H2 as the launch beds-in and pandemic-related headwinds fade. We reiterate our BUY and NOK155 target price. The Q1 results are due at 07:30 CET on 11 May.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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