Farma

bulleye
25.04.2019 kl 08:51 3525

Da var allerede en kort oppdatering fra Norne på plass. Legg merke til avslutningen i rapporten: Estimates are likely to be upped We are likely to increase our estimates following the strong 1Q results. Norne vil mao vurdere å øke kursmålet til COV.

Strong 1Q figures; DP market entry this summer

ContextVision’s 1Q figures were strong this morning. In addition, Digital Pathology market entry is scheduled for this summer. Therefore, our positive stance towards the stock is strengthened by the report.

Solid sales and lower costs in 1Q ContextVision (COV) released its 1Q19 report this morning with sales of SEK 21.1m being only a bit above our SEK 20.7m projection. However, costs were much lower than forecasted leading to a very strong EBITDA of SEK 6.1m vs SEK -0.7m in estimates. Increased capitalization of R&D expenses on Digital Pathology played some role in the difference. However, combined personnel, other external costs and CAPEX on intangibles were still lower by SEK 4.4m compared to our model. Strong results led to only small change in cash position – a decrease of SEK 0.7m vs the end of 2018.



Digital Pathology product launch this summer The company indicated that it received positive feedback from user tests for Digital Pathology at three additional pathology centers in 1Q. Digital Pathology market entry is getting close and Beta installations will take place this summer.

Estimates are likely to be upped We are likely to increase our estimates following the strong 1Q results. This should also impact the target price positively and our Buy recommendation is likely to remain as well, but depends on the share price reaction to the report

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