Medistim (Hold, TP: NOK172.00) - Q3 report

While up 7% YOY (currency-neutral sales growth 5.3%), revenues of NOK132.8m were below our forecast of NOK136m. The EBIT margin of 24% (Q3 2023: 27%) also fell shy of our forecast of 28.6%. We still see signs that the company’s ‘going direct’ efforts should eventually bear fruit, but we now believe their effect on the revenue side and on margins will take longer to materialise than we initially expected. We also note the cardiac segment is seeing slower progress than we expected, causing us conc...

Medistim (Buy, TP: NOK190.00) - Record-high quarterly sales

Revenues of NOK144.9m were a quarterly record-high, up 5.5% YOY (currency-neutral sales +4.1%) and above our NOK135m estimate. The EBIT margin (28.5%) expanded further from its low in Q4 2023 (16.4%) and, while we believe it will continue to ‘normalise’, the company’s ‘going direct’ efforts will likely prevent it from rising significantly short-term. However, we believe these efforts are moving in the right direction, validating the strategy. We have upgraded to BUY (HOLD) but we reiterate our N...

Medistim (Hold, TP: NOK190.00) - Sales in Americas weaken

Revenues grew 3.5% YOY in Q1 (currency-neutral total sales grew 2.2%), below our estimate c6%. The EBIT margin of 24% was almost back to normal and in our view shows the low margin in Q4 2023 (16.4%) should be seen as a one-off. However, we remain concerned about revenue growth, especially in the Americas, after the fifth consecutive quarter of declining currency-neutral sales. Thus, while we reiterate our HOLD, we have lowered our 2024–2026e sales by c3–8% and cut our target price to NOK190 (21...

Medistim (Hold, TP: NOK210.00) - Decreased EBIT margin

Revenues were down in all regions in Q4, with currency-neutral total sales down c13.7% YOY. Due to various strategic initiatives, the EBIT margin was unusually low in the quarter, but we expect it to gradually come back to ‘normal’ levels of 25–30%. However, we have lowered our sales estimates, downgraded to HOLD and lowered our target price to NOK210 (260).

Medistim (Buy, TP: NOK260.00) - Currency tailwind

Medistim’s Q3 sales growth of 6.5% YOY was helped by favourable currency. Currency-neutral sales growth was negative, especially in the Americas, causing us to cut our sales estimates (especially in this region). Following adjustments of our sales forecasts, we have lowered our target price to NOK260 (290), but reiterate our BUY.

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Medistim (Buy, TP: NOK290.00) - Growth boosted by currency effects

Medistim reported Q2 sales and EBIT above our estimates, but the company benefited from favourable currency effects. Despite the temporarily increased expenses related to the establishment of direct-sales operations, the EBIT margin remained above 30%. We reiterate our BUY and NOK290 target price.

Medistim ASA: 1 director

A director at Medistim ASA sold 37,719 shares at 265.000NOK and the significance rating of the trade was 83/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

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Medistim (Buy, TP: NOK290.00) - Growth continues in 2023

While sales benefited from favourable currency effects, Medistim reported another strong quarter, with Q1 sales above our estimate. A weaker EBIT margin can partly be attributed to the company building direct sales forces in China and Canada and thus executing on its strategy. It now has direct sales representation in the largest markets in North America (US), Europe (Germany) and Asia (China). We reiterate our BUY and NOK290 target price.

Medistim (Buy, TP: NOK290.00) - Q4 sets new quarterly sales record

Q4 revenue of cNOK141.8m was a new quarterly record, reflecting broad-based geographical growth. Medistim also enjoyed a currency tailwind, but even excluding this we believe it again demonstrated strength, and we reiterate our BUY and NOK290 target price.

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Medistim (Buy, TP: NOK290.00) - Another research boost

We expect Medistim to continue its growth in 2023 as a global market leader in the transit time flow measurement (TTFM) niche. The company’s technology recently received even more support from academia following an article in the highly regarded New England Journal of Medicine, which reported significantly better results among patients with chronic limb-threatening ischemia receiving surgery compared to those receiving endovascular therapy. We believe Medistim is a solid stock to own in 2023 and...

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Medistim (Buy, TP: NOK290.00) - Another all-time high sales result

Medistim reported another all-time high revenue for a quarter of cNOK117m. However, revenue growth was now slowing down, with c7% growth YOY. The sales growth was driven by the USA, with a currency-neutral sales increase of c28%. Following adjustments of sales estimates, we have lowered our target price to NOK290 (300), but upgraded to BUY (HOLD).

Medistim (Hold, TP: NOK300.00) - Running a little slower

Running a little slower

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Medistim (Buy, TP: NOK385.00) - Another quarter, another record

While the Q1 results were below our expectations, sales reached another all-time high on a quarterly basis (and were above NOK100m for the fifth consecutive quarter). The deviation in sales from our estimate largely reflects a weak revenue performance in China related to the pending regulatory approval of the upgraded MiraQ. We remain confident of continued growth in 2022, and reiterate our BUY and NOK385 target price.

Medistim (Buy, TP: NOK385.00) - Research boost

Q4 kicked off with support in a consensus academic paper published in the official journal of the American Heart Association stating “TTFM should be used in every CABG case”, and rounded off with Omicron (although we only expect a limited negative impact on sales from the latter in Q4). Following a change of analyst we have upgraded to BUY (HOLD) and reiterate our NOK385 target price. The Q4 results are due at 08:00 CET on 25 February.