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2/26/2024 6:42:14 AM - CLS Q4: Paves the path for an exciting 2024 - Redeye - Redeye provides an update in relation to CLS’ Q4 2023 report. Based on the report and the company’s business update event, we make some estimate changes that both positively and negatively affect our valuation. However, we include a future capital raising to our model, diluting our fair value range with a base case of SEK0.3 (0.4).
2/7/2024 2:33:30 PM - CLS: TO6B outcome - Redeye - Redeye comments on the TO6B outcome. With underwriting commitments, the TO6B was subscribed at 100%, meaning that CLS will receive approximately SEK23.5m before issue-related costs. Based on the outcome and CLS’ business update in January, we will provide a more extensive research update in relation to the company’s Q4 2023 report. Until then, we set our estimates and fair value range “under review.”
1/18/2024 8:44:40 AM - CLS: Highlights from the business update event - Redeye - Redeye summarizes the highlights of CLS’ business update event.
1/15/2024 12:52:44 PM - CLS: Market approval in Singapore - Redeye - Redeye endorses CLS’ market approval for its TRANBERG portfolio in Singapore. The approval enables CLS to initiate the commercialization process in the Singapore market and is the first step towards a broader expansion in the Asia-Pacific region. We will assess how this milestone may change our forecasts.
1/9/2024 10:53:45 AM - CLS: Orders from ClearPoint Neuro - Redeye - Redeye endorses CLS’ new order of SEK8.1m from ClearPoint Neuro. We also learn that CLS received an order of around SEK2.4m during December 2023. We are positive about today’s news and make some estimate changes and, as a result, reiterate our base case of SEK0.4.
11/20/2023 6:12:59 AM - CLS Q3: An eventful quarter - Redeye - Redeye provides an update in relation to CLS’ Q3 2023 report. Net sales during the quarter amounted to SEK2.0m (SEK0.9m), and EBIT came in at SEK-15.6m (SEK-27.0m) compared to our sales estimate of SEK3.5m and EBIT estimate of SEK-18.7m. Overall, we are positive about the report, as CLS has been cost-effective, and the news flow has been solid. We only make some minor changes in our model, resulting in an updated fair value range (SEK0.15-0.8); however, our base case remains at SEK0.4.
10/24/2023 12:36:17 PM - CLS: New MSP agreement - Redeye - Redeye endorses today’s announcement that CLS’ subsidiary CLS Americas has signed a Mobile Service Provider agreement with Kearney Urology Center PC in Nebraska. We expect to hear more about the agreement in the company’s Q3 report in mid-November and reiterate our base case.
8/28/2023 6:21:15 AM - CLS Q2 2023: In the right direction - Redeye - Redeye provides an update in relation to CLS’ Q2 2023 report. The results fairly aligned with our expectations, with sales of SEK1.3m (SEK0.4m) and an EBIT of SEK-17.0m (SEK-18.7m). We argue the company’s outlook is better than it has been in many years and look forward to the rest of 2023. We have only made minor estimate changes based on last week’s report. The changes do not render any changes in our fair value range, including a base case of SEK0.4.
7/17/2023 11:34:59 AM - CLS: Directed offset issue to underwriters - Redeye - Redeye shortly comments on CLS’ announcement regarding its directed offset issue to underwriters. In relation to the previously completed rights issue, underwriters had the choice of remuneration in cash or the form of new units. The remuneration issue comprises a total of 1,254,240 new units, consisting of a total of 31,356,000 new B-shares and 6,271,200 new warrants of series TO6B. The number of shares increases from 1,304,402,489 to 1,335,758,489 (including 600,000 A-shares) and the company’s share capital increases by around SEK362,096 to approximately SEK15,425,207. We adjust our model accordingly to the announcement (increase the number of shares and decrease the estimated rights issue costs with cSEK2.7m). Moreover, as the number of warrants of series TO6B increases, CLS could receive up to SEK46.9m (before costs) during 2024 if fully subscribed at the maximum subscription price of SEK0.2. However, we continue to estimate TO6B with current share price levels which would provide the company with around SEK20m (before costs and if fully subscribed). We are positive that underwriters have chosen units instead of cash as it shows their belief in the company and improves CLS’ financial position. Lastly, the adjustments in our model do not render any changes in our valuation, including a base case of SEK0.4.
7/6/2023 5:34:18 AM - CLS: Rights issue outcome and coverage resumed - Redeye - Redeye provides an update as we resume coverage after CLS’ rights issue. We give our thoughts on the capital raising, news during 2023, and our view of the Q1 report. We adjust our model accordingly to the rights issue outcome and make some changes in our estimates due to the report. We had estimated a rights issue; however, the dilution effect was significantly larger than we previously anticipated. Therefore, we lower our fair value range, including a new base case of SEK0.4 (1.3).
5/30/2023 12:39:24 PM - CLS siktar på uppnå försäljning på 100 miljoner kronor med positivt kassaflöde slutet av 2025 - vd - Medicinteknikbolaget CLS vd Dan Mogren presenterade bolaget vid Sedermeradagen i Stockholm på tisdagen.
4/19/2023 9:09:08 AM - CLS: Agreement with AVANT Concierge Urology - Redeye - Redeye is positive about CLS’ first mobile service provider agreement with AVANT Concierge Urology in Florida. The clinic will begin using the CLS TRANBERG Thermal Therapy System to treat early-intermediate stage prostate cancer. The clinic is relatively small, and we do not expect significant revenues from this single agreement; however, we expect more mobile service agreements with other clinics as we move on.
4/13/2023 1:57:14 PM - CLS: Research collaboration with the US National Institutes of Health Clinical Center - Redeye - Redeye endorses the announcement that CLS and the US National Institutes of Health Clinical Center have initiated a research collaboration regarding MRI/US fusion-guided FLA of prostate tissue and prostate cancer. Currently, we do not know the extent of the collaboration; however, we expect and look forward to hearing more about it in the near future.
3/2/2023 10:33:32 AM - CLS: TO5B outcome - Redeye - Redeye comments on the outcome of warrants of series TO5B. CLS will be provided approximately SEK12.8m before transaction-related costs, and consequently, the total number of shares increases by c27.7m. We had already estimated a dilution; however, the transaction-related costs were lower than we previously assumed. We adjust our model for today’s announcement, which renders in an updated base case of SEK1.3 (1.2).
2/24/2023 8:14:02 AM - CLS Q4 2022: Important 2023 ahead - Redeye - Redeye provides an update in relation to CLS’ Q4 2022 report. The report did not include any major surprises in our view; however, we expect quarterly reports to become more interesting as we expect sales to ramp up during 2023. We have chosen not to make any changes in our future estimates; however, we update the current cash position and our capital raising assumptions, which results in a new fair value range.
2/3/2023 12:47:38 PM - CLS: Partnership with Soteria Medical - Redeye - Redeye endorses CLS’ partnership with the Dutch company Soteria Medical. The collaboration includes a joint market and sale of a combined product portfolio within MRI-guided biopsy and focal laser ablation treatment outside the US. We are positive about the news and believe a partnership is essential for commercialization within the urology segment.
1/19/2023 10:12:16 AM - CLS: Directed issue to set off debt - Redeye - Redeye comments on CLS’ announcement that the company repays SEK3m of its loan with a directed share issue following lenders' request for loan conversation. We adjust our model accordingly to the announcement.
11/18/2022 6:32:50 AM - CLS Q3 2022: Exciting times ahead - Redeye - Redeye provides an updated view of CLS after its Q3 2022 report and directed issue announcement. Although the report brought no major surprises in our view, our case review has prompted us to make changes in our market, probability rate, and capital need assumptions, changing our base case from SEK1.6 to SEK1.4. However, we believe exciting times are ahead as we expect sales to ramp up from next year.
10/17/2022 12:05:37 PM - CLS: Order from ClearPoint Neuro - Redeye - Redeye endorses that CLS has received an order worth SEK5.5m from ClearPoint Neuro. CLS received FDA clearance for its MR-guided laser ablation system in neurosurgery a few weeks ago, and the order is a consequence of the initiated rollout in the US. We will provide an update in connection with the Q3 report, where we review the case and our forecasts.
10/5/2022 11:52:04 AM - CLS kommer kunna hantera konkurrens väl - vd - Medicinteknikbolaget CLS, som utvecklar och effektiviserar behandlingen av bland annat cancertumörer, kommer att kunna hantera framtida konkurrens väl.
9/23/2022 1:26:15 PM - CLS: Receives FDA Clearance - Redeye - Redeye endorses that CLS has received FDA clearance for its MR-guided laser ablation system in neurosurgery. We believe this is an essential milestone for the company and crucial for its commercialization in the US. We make no valuation changes on the back of today's news, owing to our valuation already taking height for a launch in the US. However, during the fall, we will provide an update where we review the case and our forecasts.
9/12/2022 8:18:19 AM - CLS: Rights Issue Completed - Redeye - Redeye comments on the outcome of CLS completed rights issue. We see a future capital need and account for an additional rights issue next year. Moreover, we have changed our Redeye Rating, resulting in an increased WACC, and adjust our fair value range, leading to a new diluted Base Case of SEK 1.6 (7).
8/26/2022 9:10:53 AM - CLS - Interview wiith CEO Dan J. Mogren - We have visited Clinical Laserthermia Systems AB (CLSB) at their headquarters in Lund. CEO Dan Johansson Mogren talks about their ongoing clinical studies, partnerships and why investors should take a closer look at the company.
8/11/2022 9:46:56 AM - CLS: Comments on Q2’22 Report and Issue Announcement - Redeye - Redeye provides its comments on CLS Q2’22 report. The report did not include any surprises, and we believe the second half of the year will be interesting for CLS. However, we also comment on yesterday’s rights issue announcement.
5/19/2022 9:19:14 AM - CLS Q1’22: Our Comments - Redeye - Redeye provides its comments on CLS’ Q1’22 report. With ongoing discussions with potential new commercial partners in the urology segment, three new clinical studies initiated as well as a pending 510(k) approval for the second generation of TRANBERG Thermal Therapy System with Thermoguide Workstation, the company has an interesting period ahead.
4/28/2022 8:21:58 AM - CLS: Exercise Outcome Announced - Redeye - Redeye comments on yesterday’s announcement regarding the outcome of CLS’ TO3 warrant programme. We resume coverage and adjust our fair value range accordingly.
3/30/2022 8:25:11 AM - CLS: New Clinical Study in the US - Redeye - Redeye is encouraged to learn that CLS’s TRANBERG Thermal Therapy System will be used by Focalyx Technologies, a developer of image-guided fusion target devices, to conduct a 20-patient, phase I clinical study.
3/25/2022 1:41:44 PM - Clinical Laserthermia Systems: Strategy Update at Redeye - Redeye - Clinical Laserthermia Systems held a Strategy Update on the 24th of March. Check out the full replay in case you missed it.
2/24/2022 10:29:37 AM - CLS Q4’21: Entering an Interesting Year - Redeye - Redeye comments on CLS’s Q4’21 report. We continue to see an interesting year ahead and reiterate our Base Case.
2/21/2022 9:26:15 AM - CLS: New Trial Initiated in the Netherlands - Redeye - Redeye is encouraged to learn that Radboud University Medical Center in Nijmegen, the Netherlands, has initiated an Investigator Initiated Trial (IIT) to evaluate MR-guided FLA in localized prostate cancer using the TRANBERG Thermal Therapy System with Thermoguide Workstation. We continue to see an interesting 2022 ahead and reiterate our Base Case.
2/9/2022 9:30:45 AM - CLS: Clinical Trial Agreement With Skåne University Hospital - Redeye - Redeye endorses CLS entering into a clinical trial agreement with Skåne University Hospital to evaluate MR-guided Laser Interstitial Thermal Therapy (LITT) for glioblastoma ablation. With this agreement in place, CLS is progressing within neurosurgery which we see as a very interesting field for the company over the coming years. We continue to argue that the share is attractive at current share price levels.
1/3/2022 9:16:56 AM - CLS: Filing for 510(k) Clearance – An Important Milestone - Redeye - Redeye endorses CLS filing its 510(k) application for the second generation of TRANBERG Thermal Therapy System with Thermoguide Workstation. Although the filing was expected, we view this very positively and continue to argue that the share is attractive at current share price levels.
11/29/2021 9:14:39 AM - CLS: Sterilization Issue Solved - Redeye - Redeye is encouraged to see that CLS once again releases its TRANBERG sterile disposable products on the European market. Accordingly, the company has now resumed sales in all markets where it is active. We maintain our positive long-term view and reiterate our Base Case.
11/18/2021 8:45:47 AM - CLS Q3’21: Progressing According to Plan - Redeye - Redeye gives its view on CLS' Q3’21 report as well as yesterday’s news regarding the relaunch of its sterile disposable products in the US. We maintain our positive long-term view and reiterate our Base Case.
10/27/2021 7:02:15 AM - CLS: TRANBERG Thermal Therapy System Evaluated for MRI-US, Fusion-Guided FLA of Prostate Tumours - Redeye - Redeye provides a short comment on yesterday’s news regarding the evaluation of a new generation of the TRANBERG Thermal Therapy System for MRI-US, fusion-guided laser ablation for the minimally-invasive, targeted focal therapy of prostate tumours. We see this as yet another positive event for CLS and see an upside potential of some 73% to our Base Case.
10/15/2021 1:25:35 PM - CLS: Strengthened Organization - Redeye - Redeye leaves a short comment on today’s announcement regarding the organizational changes in CLS. We argue that the company has a solid organization in place to execute on its growth agenda.
10/12/2021 12:28:05 PM - CLS: Encouraging News from Vascular Malformations Study - Redeye - Redeye leaves a comment on CLS following today’s news that TRANBERG Thermal Therapy System has been included in a non-randomized, retrospective clinical study.
8/24/2021 11:48:22 AM - CLS Q2’21: Our comments on the report - Redeye - Redeye leaves its comments on CLS’s Q2 report and recent newsflow. Following the report, we reiterate our Base case of SEK 8.
7/12/2021 7:32:26 PM - Clinical Laserthermia Systems: Resumes Study in Canada - Redeye - Redeye leaves a comment on CLS following today's update regarding its new sterilization supplier and the resumption of the prostate cancer study at Toronto General Hospital. We reiterate our Base Case.
6/1/2021 8:29:24 AM - CLS: Glimpsing The Future - Redeye - Redeye resumes coverage of CLS after its SEK 71m financing where Redeye acted as financial advisor. In light of the company’s revised development timeline, as well as its new focus areas, stronger financial position and our increased sales estimates, we update our fair value range and highlight the attractive entry point created by recent underperformance.
3/6/2019 9:49:11 AM - CLS ser stor marknadspotential för imILT och Tranberg - CLS ser stor marknadspotential för imILT och Tranberg