Une décorrélation entre le nombre de chirurgies et le CA - ACHAT - OC 2,6€ (vs 3€)
La société publiait hier soir son CA 2015 qui se révèle un peu au dessous de nos attentes. Avec un CA de 2,5m€ (vs 2,84m€ att), la croissance reste principalement tirée par la France alors que la pénétration du marché américain semble plus lente qu’initialement anticipée. Nous considérons toujours que les perspectives sont positives avec une tendance du marché favorable aux avantages de l’usage unique en termes de sécurité d’emploi et d’économies de coûts. Suite à cette publication nous ajustons notre profil de croissance « topline » conduisant à un abaissement de notre objectif de cours qui passe de 3€ à 2,6€ Nous maintenons notre recommandation à ACHAT en attendant la publication des résultats prévue le 28 avril 2016.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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