Farma

16.05.2019 kl 08:39 1223

Blir spennende å se hva Norne konkluderer med denne gang, de har jo lovet en oppdatert analyse den nærmeste tiden.
Og det slår meg at når en sjekker deres analyser dag for dag så gir dem tommel opp(kjøp), sirkel (Hold) og tommel ned(selg).

PHO gav dem tommel opp symbolet allerede på tirsdag så nå er det bare å vente at kjøpsanbefalingen kommer med oppjustert kursmål. Om dette blir justert til NOK 63 eller NOK 68 betyr egentlig fint lite da de vil måtte justere opp flere ganger den nærmeste tiden.

Impressive US growth leads to strong 1Q figures
Photocure reported better-than-expected 1Q figures this morning, which
might lead to some upward revision in our estimates as well. Our Hold
recommendation is under revision.
Better-than-expected 1Q figures
Photocure (PHO) released its 1Q19 report this morning. Hexvix/Cysview
sales of NOK 51.4m were 9% above our NOK 46.9m estimate. Sales in the
US, Nordics and Europe (ex. Nordics) were all slightly above our estimates
and the company highlighted that 1Q was a record quarter by revenues and
number of units sold. This led to EBITDA of NOK -1.5m and EPS of NOK -0.23
vs NOK -6.6m and NOK -0.34 expected by us respectively.
52% revenue growth in the US (in USD) is impressive
We were expecting growth in US to be 37% in 1Q19 and for it to pick up
going forward. Still, PHO managed to beat our expectations with 52%
growth, which is impressive. Notably, installed base of blue light
cystoscopes (BLCs) increased by 14 during the quarter to 171 (11 flexible
ones). Thus, the company comfortably reiterated its goal for 2020 sales in
the US to reach USD 20-25m (USD 24m in our model). Also, expectations for
significant continued revenue growth

Estimates might be raised a bit and Hold recommendation under review
Following the strong 1Q report, we are likely to increase our estimates
somewhat. Growth in the US continues to be high, which is key for the
company to reach its 2020 goals and to realize the longer-term revenue and
profit growth opportunities. Our current Hold recommendation is under review
having in mind the recent fall in the share price and the strong 1Q report.
Redigert 16.05.2019 kl 08:42

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