INVEST SECURITIES - Safe orthopedics : Des coûts maîtrisés en 2017, début 2018 timide - Sous Revue vs NEUTRE, OC Sous Revue vs 0,7€
Les résultats 2017 ont été marqués par une progression de la marge brute et une maîtrise des OPEX dans une période d'investissements importants. Ces éléments positifs n'ont pas permis de compenser l'impact change sur le compte courant de l'ex filiale US affectant le résultat net. La croissance au T1 de +22% est timorée et en-dessous de nos attentes sur l'année 2018, à cause d'un ralentissement de la croissance en France (+15%) lié à un effort de formation des commerciaux. Dans l'attente d'une mise à jour de nos estimations et de notre modèle, nous passons notre opinion et OC Sous Revue (vs NEUTRE et 0,7€).Safe Orthopaedics SAS. Safe Orthopaedics SA is a France-based company principally engaged in the medical devices industry. The Company focuses on the development and commercialization of products for use in spinal surgery. It provides a range of implants and ready to use instrument kits. The Company's product portfolio comprises SteriSpine PS, which is the Pedicle Screw System; and SteriSpine LC, which is the Lumbar Cage System that enables safe implant positioning, as well as access, insertion and placement of the implant. The Company's products are equipped with quick change handle, dual trial and impact removal, among others. The Company mainly uses polyarylamid material, which is a polymar with 50% glass fibers.
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