Trésorerie renforcée au prix d’une forte dilution - NEUTRE - OC 0,9€ (vs 1,2€)
L’annonce de l’augmentation de capital d’un montant maximum de 5,8m€ annoncée hier était pressentie. Cette dernière est garantie avec 75% d’engagements de souscription. Cette opération a le mérite de couvrir les besoins financiers du groupe pendant un an et soutiendra les ambitions commerciales de la société en France et en Allemagne. Néanmoins, les termes financiers restent assez dilutifs (-37%) et une nouvelle augmentation de capital (5m€ estimé) pourrait être envisagée, selon nous, en 2018 pour couvrir les besoins financiers jusqu’au break-even. Après intégration des différents éléments, nous abaissons notre OC à 0,9€ (vs 1,2€) et maintenons notre opinion NEUTRE.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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