Un potentiel masqué par des débuts timides - ACHAT - OC 7€ (vs 9€)
Après la conférence téléphonique d’hier sur le potentiel des HIFU dans le cancer du sein et après révisions de nos estimations, nous ajustons à 7€ (vs 9€) notre OC. Nous actualisons nos estimations de besoin de financement (20m€ vs 10m€) ce qui se répercute négativement sur notre valorisation. Malgré des débuts timorés sur ses marchés cibles, le groupe a posé les fondations inspirant confiance sur l’évolution commerciale à MT. Alors que l’horizon s’éclaircit sur ses marchés historiques, la société étudie de nouvelles indications (maladie de Basedow ou cancer du sein en combinaison) qui, à ce stade, ne sont pas valorisées dans notre OC. Nous maintenons notre recommandation ACHAT.Theraclion SA. Theraclion is a France-based company, which develops High Intensity Focused Ultrasound (HiFu) machines. The Company is a a spin-off of Inserm and EDAPTechomed. The main activity of the Company is developping, manufacturing and marketing echotherapy medical equipments associating therapy by focused ultrasound and monitoring by ultrasound. The Company provides Echopulse, a device for the non-invasive and outpatient treatment of the fibroadenoma of the breast and thyroid nodules.
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