Biocartis Cautious 1Q23, FY23 guidance intact
Biocartis recently reported its 1Q23 results which featured € 10.8m product-related revenues and a gross margin on product sales of 35%. The company therefore takes a small step towards achieving its FY23 guidance, while the engine continues to burn cash with runway until 1H24 (KBCSe). Meanwhile, a new CEO has stepped in to emphasize focus on the US commercial angle. We have revised our short- and mid-term cash burn estimates and adjust our TP from € 1.20 to € 1.00. Given some uncertainty with regards to the strategy of the new CEO and no major anticipated catalysts in the near term, we move to an Accumulate rating.Biocartis Group NV is a Belgium-based company, which specializes in the development of molecular diagnostic systems, especially for the treatment of cancers and infectious diseases, the products ensure the analysis of biomolecules associated with risk factors, early detection, treatment selection and monitoring of disease. The group has the Idylla system to deliver results within a period of between 35 to 150 minutes.
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