Biocartis Reshuffling the (Bio)cards
Molecular diagnostics company Biocartis recently completed a comprehensive € 66m recapitalisation transaction to further finance its growth trajectory. Although the transaction comes with dilution for existing shareholders, we estimate the fresh cash provides the company with additional runway until 2024 (KBCSe). At that point in time, we believe the company could reach (near) the break-even point. We resume coverage on the name with a € 1.2 target price and Buy 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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