Report

Update: LOQTEQ set for launch in the US in Q3

aap should reach its FY15 guidance after a solid Q1 and distribution deals enabling a US launch of LOQTEQ in Q3. However, we trim our CAGR 2014-18e revenue from 15% to 12% and our valuation from €3.17 to €3.05 per share. An eventual sale of Biomaterials may prompt a re-rating of the fast-growing trauma business.
Underlying
aap Implantate AG

AAP Implantate is engaged in the development, manufacture and marketing of trauma implants for healing fractures, and in biomaterials (bone cements and cementing devices). Co.'s main focus is on human bone and on healing or, if need be, replacing it. In the trauma area, Co. develops solutions to restore fractures (osteosynthesis). These trauma implants are used to fix and stabilize fractures, partly supported by bone graft substitutes. Specifically, Co. develops and manufactures plates and screws for osteosynthesis, while its subsidiary, aap Biomaterials GmbH, focuses on bone cements and cementing devices for arthroplasty and spine surgery and on bone substitutes.

Provider
Edison Investment Research
Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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