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Episurf Medical Market improving post-Covid - DNB

We expected soft Q1 sales due to the Omicron wave in early Q1. However, sales exceeded our forecast, and the company said demand improved in the latter part of the quarter and into April, which we find encouraging. The development of its product pipeline looks on track, and we expect 510(k) clearance for the patellofemoral system in the US in mid-2022. The EPIC knee trial (for the US PMA) is still delayed, but we understand the company is working on improving recruitment. We reiterate our fair value of SEK3.3–9.3.

We expected soft Q1 sales due to the Omicron wave in early Q1. However, sales exceeded our forecast, and the company said demand improved in the latter part of the quarter and into April, which we find encouraging. The development of its product pipeline looks on track, and we expect 510(k) clearance for the patellofemoral system in the US in mid-2022. The EPIC knee trial (for the US PMA) is still delayed, but we understand the company is working on improving recruitment. We reiterate our fair value of SEK3.3–9.3.
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