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Real Heart: Taking Steps Forward - Analyst Group

Scandinavian Realheart holds the world’s first unique and patented four chamber Total Artificial Heart (”TAH”), which mimics the human heart’s blood flow. With a cash position that remains solid, the Company is continuing their animal trials. So far, three implantations have been completed and an additional 3-4 have been scheduled. Expectations of human trials are still set for 2024, where we maintain our estimate of market launch during the latter part of 2025. From this point, sales could increase rapidly, with revenues reaching SEK276 M in 2028 in our Base scenario. Based on an applied P/S multiple of 5x (5), and an applied discount rate of 18% (18), this yields a present value per share of SEK 9.4 (9.4). Before market launch, we continue to see several key value-driving activities, where steps in the right direction could reduce the current valuation discount.

Scandinavian Realheart holds the world’s first unique and patented four chamber Total Artificial Heart (”TAH”), which mimics the human heart’s blood flow. With a cash position that remains solid, the Company is continuing their animal trials. So far, three implantations have been completed and an additional 3-4 have been scheduled. Expectations of human trials are still set for 2024, where we maintain our estimate of market launch during the latter part of 2025. From this point, sales could increase rapidly, with revenues reaching SEK276 M in 2028 in our Base scenario. Based on an applied P/S multiple of 5x (5), and an applied discount rate of 18% (18), this yields a present value per share of SEK 9.4 (9.4). Before market launch, we continue to see several key value-driving activities, where steps in the right direction could reduce the current valuation discount.
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