Update: US LOQTEQ launch poised to drive H2 recovery
As aap gears up for a US launch of LOQTEQ in H2, its FY15 guidance looksattainable. As expected, Q2 trading was soft, reflecting the lumpy orders in
Biomaterials. Taking into account the combined effect of €5m lower net
cash and rolling forward, we trim our valuation from €3.05 to €2.96/share.
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.
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