contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls {
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


episurf-medical-ab-dnb-markets-episurf-medical-new-us-distributor-agreement

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

alternatePageUrls

imgUrl

description

Episurf Medical is a medical technology company. The company conducts research and development of products used for the treatment of cartilage damage. Episurf's primary focus is on the recovery of knee joints, but the company's implants can also be applied to other joints. Episurf Medical is in the preclinical verification phase and is headquartered in Stockholm.

Episurf Medical

Episurf Medical reported Q1 earnings (loss) broadly in line with our expectation, despite somewhat lower sales. While it seems to have lost some short-term momentum on a shift from own sales...

<div class="abstract">Episurf Medical reported Q1 earnings (loss) broadly in line with our expectation, despite somewhat lower sales. While it seems to have lost some short-term momentum on a shift from own sales to more distributors, we expect a recovery in the coming quarters. The company signed another US distribution agreement after quarter-end and we expect more to come over time. We have adjusted our fair value to SEK0.75-2.25 (1.5-4.5) for the announced rights issue. &nbsp;</div>Earnings improving but not as fast as expected. Q1 sales were SEK3.1m, versus our estimate of cSEK3.9m, and the operating loss was cSEK20.6m, compared to our estimate of a loss of cSEK18.8m. Still, both showed a clear improvement YOY (Q1 2023 sales of SEK2.5m and EBIT of cSEK-23.5m). The operating loss deviation was partly due to the restructuring in H2 2023. The number of employees fell by c30% YOY.New distribution agreement signed in the US. The company also announced a new distribution agreement for South- and North Carolina in the US covering the Episealer patellofemoral system. This agreement is with a distributor that is exclusive to DePuy-Synthes in these regions. In its communication, the company indicated that there might be more of such DePuy-Synthes-related distribution agreements to come in other territories. In our view, while the agreement is not directly with DePuy-Synthes, we believe approval by the latter is likely needed if its exclusive distributors take on non-DePuy-Synthes products in their assortments.Rights issue of cSEK120m announced. The company recently announced a partially guaranteed rights issue of units (shares and warrants) amounting to cSEK120m if fully subscribed. The rights issue is guaranteed up to c75%. The warrants issued in combination with the rights issue could potentially add another cSEK48m in capital if fully exercised.Fair value adjusted to SEK0.75-2.25 for upcoming rights issue. We have included the recently announced rights issue in our forecasts. The number of shares (in the event the issue is fully subscribed) is set to increase by c500m shares. The company also indicated that it should turn cash flow positive in the medium term (which we believe means 3-5 years) - in line with our forecasts. However, if the progress is skewed towards the end of this period, it might need to raise additional cash to reach positive cash flow, in our view (not included in our forecasts). Our fair value adjustment mainly reflects a smaller rights issue than initially expected and a subsequent higher number of shares.Best regardsPatrik Ling | DNB Markets | Equity Research Sweden Email: patrik.ling@dnb.se

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