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2024-02-09 Bokslutskommuniké 2023
2023-10-27 Kvartalsrapport 2023-Q3
2023-07-14 Kvartalsrapport 2023-Q2
2023-05-03 Ordinarie utdelning EPIS B 0.00 SEK
2023-05-02 Årsstämma 2023
2023-04-28 Kvartalsrapport 2023-Q1
2023-02-17 Bokslutskommuniké 2022
2022-11-16 Kvartalsrapport 2022-Q3
2022-07-15 Kvartalsrapport 2022-Q2
2022-04-29 Kvartalsrapport 2022-Q1
2022-04-05 Ordinarie utdelning EPIS B 0.00 SEK
2022-04-04 Årsstämma 2022
2022-02-11 Bokslutskommuniké 2021
2021-10-29 Kvartalsrapport 2021-Q3
2021-07-16 Kvartalsrapport 2021-Q2
2021-05-11 Ordinarie utdelning EPIS B 0.00 SEK
2021-05-10 Årsstämma 2021
2021-04-29 Kvartalsrapport 2021-Q1
2021-02-19 Bokslutskommuniké 2020
2020-10-23 Kvartalsrapport 2020-Q3
2020-07-17 Kvartalsrapport 2020-Q2
2020-04-24 Kvartalsrapport 2020-Q1
2020-04-03 Ordinarie utdelning EPIS B 0.00 SEK
2020-04-02 Årsstämma 2020
2020-03-10 Extra Bolagsstämma 2020
2020-02-07 Bokslutskommuniké 2019
2019-10-25 Kvartalsrapport 2019-Q3
2019-07-19 Kvartalsrapport 2019-Q2
2019-05-07 Extra Bolagsstämma 2019
2019-04-26 Kvartalsrapport 2019-Q1
2019-04-09 Ordinarie utdelning EPIS B 0.00 SEK
2019-04-08 Årsstämma 2019
2019-02-08 Bokslutskommuniké 2018
2018-10-26 Kvartalsrapport 2018-Q3
2018-07-20 Kvartalsrapport 2018-Q2
2018-04-27 Kvartalsrapport 2018-Q1
2018-04-10 Ordinarie utdelning EPIS B 0.00 SEK
2018-04-09 Årsstämma 2018
2018-02-23 Bokslutskommuniké 2017
2017-11-10 Kvartalsrapport 2017-Q3
2017-08-18 Kvartalsrapport 2017-Q2
2017-05-23 Ordinarie utdelning EPIS B 0.00 SEK
2017-05-22 Årsstämma 2017
2017-05-15 Kvartalsrapport 2017-Q1
2017-02-24 Bokslutskommuniké 2016
2017-02-20 Extra Bolagsstämma 2017
2016-11-04 Kvartalsrapport 2016-Q3
2016-08-19 Kvartalsrapport 2016-Q2
2016-05-25 Ordinarie utdelning EPIS B 0.00 SEK
2016-05-24 Årsstämma 2016
2016-05-17 Kvartalsrapport 2016-Q1
2016-02-23 Bokslutskommuniké 2015
2015-11-06 Kvartalsrapport 2015-Q3
2015-08-21 Kvartalsrapport 2015-Q2
2015-05-07 Ordinarie utdelning EPIS B 0.00 SEK
2015-05-06 Årsstämma 2015
2015-05-06 Kvartalsrapport 2015-Q1
2015-02-20 Bokslutskommuniké 2014
2014-11-07 Kvartalsrapport 2014-Q3
2014-08-22 Kvartalsrapport 2014-Q2
2014-06-04 Ordinarie utdelning EPIS B 0.00 SEK
2014-06-03 Årsstämma 2014
2014-05-09 Kvartalsrapport 2014-Q1
2014-02-21 Bokslutskommuniké 2013
2014-02-12 Extra Bolagsstämma 2014
2013-11-06 Kvartalsrapport 2013-Q3
2013-08-22 Kvartalsrapport 2013-Q2
2013-05-03 Kvartalsrapport 2013-Q1
2013-05-03 Ordinarie utdelning EPIS B 0.00 SEK
2013-05-02 Årsstämma 2013
2013-04-03 Extra Bolagsstämma 2013
2013-02-21 Bokslutskommuniké 2012
2012-11-21 Kvartalsrapport 2012-Q3
2012-08-22 Kvartalsrapport 2012-Q2
2012-06-04 Årsstämma 2012
2012-05-04 Kvartalsrapport 2012-Q1
2012-02-21 Bokslutskommuniké 2011
2011-11-21 Kvartalsrapport 2011-Q3
2011-08-22 Kvartalsrapport 2011-Q2
2011-07-20 Split EPIS B 6:1
2011-06-30 Årsstämma 2011
2011-05-21 Kvartalsrapport 2011-Q1
2011-05-13 Extra Bolagsstämma 2011
2011-05-02 Kvartalsrapport 2011-Q1
2011-02-18 Bokslutskommuniké 2010
2010-08-30 Extra Bolagsstämma 2010


ListaSmall Cap Stockholm
Episurf Medical är ett verksamma inom medicinteknik. Bolaget driver forskning och utveckling av produkter som används för behandling av broskskador. Episurfs primära fokus är riktat mot återhämtning av knäleder men bolagets implantat kan även appliceras på övriga leder. Episurf Medical befinner sig i preklinisk verifieringsfas och har sitt huvudkontor i Stockholm.
2020-09-21 21:18:09

The company hosted a CMD in mid-September where management presented its long-term views. There were also several interesting presentations from KOLs in the industry, discussing the benefits for patients and doctors of the Episealer implant system. We believe Episurf Medical is moving rapidly in the right direction and that the clinical documentation is improving (and very strong). Based on the longer-term outlook, we have adjusted our fair value to SEK1.9-6.5 (1.3-3.9).

Clinical documentation key for future sales success in our view. In recent years, the documentation supporting the outcomes for the Episealer implant system has strengthened significantly. At its capital markets day in mid-September, the company focused on all aspects of its operations but, in our view, the rapidly increasing clinical documentation and presentations by KOLs in Europe were the highlights.

Long-term follow-up from first trial indicates very low revision rate - a positive in our view. In the Stålman paper (see our 8 September 2020 note), patients were followed for up to seven years; revision rates remained low and clinical outcomes high. In our view, having this type of data to support the implant system makes it much easier to convince new customers on a broader scale (and not only tech-savvy early adopters). In addition, the European multi-centre trial should be published in the autumn. As far as we understand, the data appears very compelling.

KOLs clearly positive for the implant system. Several large volume users in Europe reported their experience with the implant system, and all the features we normally consider positive were highlighted by the KOLs as bringing real value to doctors and patients.

Ambitious targets communicated. The company believes a c30% market share in its niche is reasonable over time, and highlighted that the target is c15% market share in the US some three years post-launch (estimated for c2024). Given the alternatives available today, we believe this is realistic, but the question of a potential partner in the US market remains. We believe the choice of actual partner should affect the likelihood of reaching that target in the specified time-frame.
Forecasts updated and fair value adjusted. We believe the market-share targets are ambitious but doable, especially with the strong clinical outcome data seen lately. Based on the new clinical data seen this year, we have increased our longer-term market-share assumptions and as a result increased our fair value to SEK1.9-6.5.
Click here to view full report (https://www.dnb.no/seg-fundamental/fundamentalweb/GetReports.aspx?file=CMPSP_162581.pdf&Sid=1-7XT0MIJ)
Best regards 
Patrik Ling | DNB Markets | Equity Research | Senior Analyst Healthcare
Regeringsgatan 59 | Stockholm | Sweden