MedTech & Diagnostics Public Equity Monitor - May 2021 - FCF Fox Corporate Finance | FCF Life Sciences
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FCF Fox Corporate Finance | FCF Life Sciences MedTech & Diagnostics Public Equity Monitor – May 2021 (Market Caps: EUR 50m – EUR 1bn) Operating Room
Agenda
Executive Summary
FCF Overview
Market Overview
M e d i c a l Te c h n o l o g y
Diagnostics
2Executive Summary
The MedTech &
MedTech & Diagnostics Public Equity Monitor Recipients
Diagnostics Public
Equity Monitor is a is a comprehensive, standardized valuation analysis for med-tech The FCF MedTech & Diagnostics Public Equity Monitor targets the
standardized report and diagnostics companies in the micro, small and midcap market following recipients:
on valuations in the segment in Europe
European med-tech ▪ Corporates / Executives ▪ Venture capital investors
and diagnostics ▪ Institutional investors ▪ Family Offices / High-
segments and is a ▪ Private equity investors net-worth individuals
quick reference for ▪ Advisors
investors, corporates
and professionals Selection of Companies Availability
The selection of companies is based on the following criteria:
The FCF MedTech & Diagnostics Public Equity Monitor is available
on FCF’s website at “https://www.fcf.de/de/research/life-science-
More advanced, research“
detailed and / or ▪ Companies operating in the med-tech and diagnostics sector
customized reports ▪ Headquarters located in Europe Data
are available upon
request ▪ Current market capitalization (as of May 31st, 2021) is between
All input data is provided by S&P Capital IQ and is not independently
EUR 50 million and EUR 1 billion as to focus on the micro -
verified by FCF. Ratio and multiple calculations are driven based on
mid cap market segment instead of the large / blue chip Life
the input data available. For additional information and disclaimer,
Sciences companies
please refer to the last page
▪ Life Sciences companies with a market capitalization below
EUR 50m and above EUR 1 billion were excluded
To recommend colleagues or fellow investors to be added to the
▪ FCF may add additional companies on its own discretion mailing list, kindly send an email with the respective contact
(regardless of market capitalization)
information
If you have questions, comments or ideas, please do not hesitate
to contact us
3Agenda
Executive Summary
FCF Overview
Market Overview
M e d i c a l Te c h n o l o g y
Diagnostics
4FCF Overview
FCF seeks to Who We Are Capital Markets Capabilities and Services
provide its clients ■ Specialized Investment Bank and Financing Specialist
Private / ■ Venture capital ■ Private equity
with financing ■
■ Advising public and private small- / midcap companies Pre-IPO Growth capital
Equity
solutions
■ Initial Public Offering pursued in tandem)
(i) at the lowest ■ Advisor for structuring and placement of financing transactions: (IPO) / Capital increase ■ Private investment in
cost, − All instruments: Unbiased approach to all available corporate Public
■ Dual-track (IPO and Public Equity (PIPE)
financing instruments (no product selling approach), allowing alternative transaction ■ Block trade
(ii) with the highest
for customized financing structures ■ Receivables / Factoring / ■ Working capital /
flexibility,
− All investors: Close and trusted relationships with senior Short-term Asset-backed securities Revolving credit facility
(iii) in the shortest executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees /
Inventory Letter of credit
period of time, − Fast process: Process management skills and direct / personal
access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note
(iv) with the highest
Debt
Syndicated loans (Schuldscheindarlehen)
closing proba- transactions ■ Sale-and-lease-back / ■ Second lien /
Long-term
bility, and with Leasing Subordinated loans
■ More than 100 transactions with a total placement volume in Debt
■ Corporate bonds (public / ■ Venture debt
(v) financing excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches
partners that ■ High yield / PIK bond
■ More than 15 professionals headquartered in Munich
integrate well Hybrid ■ Mezzanine capital ■ Convertible bonds
into their strategy
Selected Transactions
European Investment Real Estate Sale & European Investment Family Office Advisory European Investment Guarantee & Debt Syndicated Loan,
Factoring Facility Factoring Facility & Acquisition Round Extension Transaction Support Capital Increase
Bank Debt Facility Lease-Back Bank Debt Facility Bank Debt Facility Facilities Factoring and Inventory
Financing Facilities Leasing
[confidential]
WOCO Franz Josef KmB Technologie SNP Schneider- Hammerer Aluminium Hydrogenious LOHC Hydrogenious LOHC Doppstadt
Immunic AG Homegoods Company ROBART GmbH PCM Rail.One AG Vasopharm GmbH
Wolf Holding GmbH GmbH Neureither & Partner SE Industries Group Technologies GmbH Technologies GmbH Familienholding GmbH
EUR 45m [confidential] EUR 30m > EUR 20m ~ EUR 25m ~ EUR 80m [confidential] [confidential] ~ EUR 20m EUR 17m EUR 80m
March 2021 February 2021 December 2020 December 2020 October 2020 June 2020 February 2020 December 2019 November 2019 July 2019 July 2019 June 2019
Capital Increase and Syndicated Loan European Investment European Investment European Investment European Investment
Factoring Facility Investment in Acquisition Financing Bilateral Loan Facility Capital Increase Capital Increase
Round Extension Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility
[confidential] [confidential]
Advisor to AkrosA
pfenning logistics GSE Group pfenning logistics Business Service Leading Virtual
Synapticon GmbH Private Equity censhare AG AMW GmbH Voxeljet AG numares AG MagForce AG
Group Acquisition by Finexx Group Provider Reality Company
GmbH & Co. KG
> EUR 10m [confidential] > EUR 10m > EUR 15m [confidential] > EUR 10m < EUR 10m EUR 25m EUR 25m EUR 25m EUR 11m EUR 35m
June / January 2019 March 2019 December 2018 December 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017 November 2017 July 2017
5FCF Life Sciences Overview
Overview Services Facts and Figures
Focus on Biotech, MedTech and HealthTech Collaboration Over Over
Life Sciences
Management Team of
with 100 years EUR 2bn
We advise innovative companies on arranging, structuring and placing equity BioScience in aggregated Life Sciences
Presentation 10
and debt transactions in a holistic financing approach. Valuation and Life Sciences transaction
Integrated based in Munich
YAFO Capital experience volume1
Financial
Modeling
Focus Areas Post- Over 7
Access to
Transaction 80 Leading regularly
FCF advises with its dedicated Life Sciences team on the following Support > 1500
completed Life EIB advisor published Life
international
transaction types: Investor Sciences in Europe Sciences
investors
Screening transactions1 reports
1 including Professionals and Life Sciences Advisors
Investor / IB
Venture China Roadshow Life Sciences Research Series
Equity
Debt Licensing
Due
Diligence
Support Life Sciences Venture Biotech Venture Capital
Capital Monitor – Europe Monitor – US
Equity & Debt
Life Sciences Team Fundraising
Financing
Strategy
Advisory Life Sciences Venture Biotech Licensing
Capital Report Monitor – China
Closing
Assistance
Prof. Dr. Arno Fuchs Dr. Alexandra Dr. Joachim Alexander Kuhn
Horst Domdey CEO Goll M. Greuel Analyst
Life Sciences Life Sciences Life Sciences Term Sheet
Advisor Advisor Advisor Negotiation Biotech Public Equity MedTech Public Equity
IPO Monitor Monitor
Execution
Support
Life
Science
Advisory Life Sciences IPO Life Sciences SPAC
Dr. Axel Polack Claus Schalper Dr. Mathias Enno Spillner Sebastian Board (extract from service
Life Sciences Life Sciences Life Sciences Report Monitor
Schott Sommer portfolio)
Advisor Advisor Director Advisor Associate
6Agenda
Executive Summary
FCF Overview
Market Overview
M e d i c a l Te c h n o l o g y
Diagnostics
7Indices by Subsector
Market Overview (LTM)
70%
Sector in %
Medical Technology +57.3%
60%
Diagnostics +35.6%
50%
40%
30%
20%
10%
0%
-10%
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research; Note: Values are based on averages 8Performance Metrics by Subsector
Average Values
Ø Values Share Price Performance EV / Sales
Free Capital
float / Ø3M Sh. Raised Cash /
since Shares Trad. / Free Company Time since Market Cash ROE ROCE Cash / Expected Loss
Subsector # of Comp. 1M 3M YTD IPO p.a. Potential out. Float Age to IPO IPO Cap. (LFY) EV (LTM) (LTM) CY2020 CY2021 CY2022 CY2023 TA Profitability (LFY)
Medical Technology 33 0.4% 8.0% 11.8% 113.4% 10.0% 45.8% 54% 0.20% 28 yrs 18 yrs 58.8 323.3 35.6 320.2 -16.0% -12.3% 20.2x 19.4x 14.2x 8.6x 40% 2025 8.2x
Diagnostics 19 -0.3% 0.6% 227.3% 115.8% 11.8% 51.5% 71% 0.23% 25 yrs 15 yrs 105.7 197.7 20.7 192.0 -11.2% -5.6% 6.0x 12.8x 10.7x 7.2x 35% 2024 3.3x
Ø 26 0.1% 4.3% 119.5% 114.6% 10.9% 48.7% 62% 0.21% 26 yrs 16 yrs 82.3 260.5 28.1 256.1 -13.6% -9.0% 13.1x 16.1x 12.4x 7.9x 37% 2025 5.8x
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research; Note: Values are based on averages
9
Note: EV / Sales multiples are capped at a maximum of 100x, ROE and ROCE are capped at a maximum of -100%Agenda
Executive Summary
FCF Overview
Market Overview
M e d i c a l Te c h n o l o g y
Diagnostics
10Medical Technology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2020 CY2021 CY2022 CY2023 TA Profitability (LFY)
Advanced Advanced Medical Solutions Group plc, together with its
Medical subsidiaries, designs, develops, manufactures, and distributes Medical AIM
GBR 1991 1994 84 686 60 639 4% 5% 6.6x 5.1x 4.6x 4.4x 23% Profitable na
Solutions products for the wound care, surgical, and wound closure Technology London
Group plc markets.
Advanced Advanced Oncotherapy plc, together with its subsidiaries,
Medical AIM
Oncotherapy engages in designing, assembling, selling, and maintaining proton- GBR ✓ 1994 2006 154 134 6 178 -44% -19% na 3.1x 2.0x 2.7x 5% 2024 0.3x
Technology London
plc based radiotherapy systems for treatment of cancer.
Amplitude Amplitude Surgical SA develops and markets products for Medical Euronext
FRA 1997 2015 165 106 37 219 -37% -2% 2.6x na na na 13% >2025 2.6x
Surgical S.A. orthopedic surgery. Technology Paris
Bactiguard Holding AB (publ), a medical device company, NASDAQ
Bactiguard Medical
engages in the research and development, production, marketing, SWE OMX 2005 2014 95 633 nm 658 -10% -5% 37.4x na na na na >2025 na
Holding AB Technology
and sale of infection prevention solutions. Sweden
Belluscura plc researches, develops, manufactures, and sells Medical AIM
Belluscura plc GBR 2015 2021 8 70 nm 69 -42% -29% na na na na na >2025 na
medical devices for treating lung diseases worldwide. Technology London
Biocorp Biocorp Production designs, develops, and manufactures Medical Euronext
FRA 2004 2015 22 128 5 129 -44% -32% 15.3x 7.0x 4.4x na 42% >2025 4.0x
Production medical devices and drug delivery systems in France. Technology Paris
BrainCool AB (publ), a medical device company, develops, Nordic
Medical
BrainCool AB markets, and sells medical cooling systems for the healthcare SWE Growth 2010 2014 44 55 nm 55 -60% -54% 30.3x na na na na >2025 na
Technology
sector in Sweden. Market
Carmat SA designs and develops total artificial heart for people
Medical Euronext
Carmat S.A. suffering from end-stage biventricular heart failure in France and FRA ✓ 2008 2010 203 381 36 384 -473% -77% nm 50.9x 19.9x 8.6x 60% 2024 1.0x
Technology Paris
internationally.
C-Rad AB (publ), together with its subsidiaries, develops, NASDAQ
Medical
C-Rad AB manufactures, and sells systems with applications in radiation SWE OMX 2004 2007 26 180 11 171 7% 10% 7.7x 6.4x 5.6x 4.9x 40% Profitable na
Technology
therapy for the treatment of cancer worldwide. Sweden
Creo Medical Limited engages in the research and development
Creo Medical Medical AIM
of electrosurgical medical devices relating to the field of surgical GBR 2003 2016 85 389 78 312 -23% -27% 30.8x 12.2x na na 88% >2025 4.1x
Ltd. Technology London
endoscopy in the United Kingdom.
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 11
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Medical Technology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
Advanced 11% 6%
Canaccord Genuity 4%
Medical Octopus Investments AXA Investment
3.2 2.2 3.5 -2% 18% 17% na 4% 7 3.2 0% 89% 94% Wealth (International) 86.9% 0.18%
Solutions Limited Managers S.A. 96%
Limited
Group plc
Advanced 13% 9% 8%
Céleste Management
Oncotherapy 0.4 0.3 0.6 -10% -19% -5% -14% -1% 1 1.6 307% Liquid Harmony Ltd 87% Mulligan, Seamus C. 91% 92% 53.0% 0.05%
SA
plc
10% 5%
Amplitude 27%
2.2 1.2 2.8 1% 5% 3% -56% -13% na na na PAI Partners Jallabert, Olivier 90% Eximium SAS 95% 11.0% 0.84%
Surgical S.A. 73%
10%
18% 18%
Bactiguard Nordea Investment
18.9 13.2 20.6 nm 23% 33% 352% 24% na na na KK Invest AB 82% Bactiguard B.V. 82% 90% 51.1% 0.14%
Holding AB Management AB
0% 0% 0%
Belluscura plc 0.6 0.5 0.7 na na 0% 18% -100% na na na Hoy, Michael Van 100
%
Rauker, Robert 100 Miller, Robert Clell 100 0.0% na
% %
Groupama Asset 0%
2% 2%
Biocorp 54%
29.5 15.7 33.8 7% 4% 0% 219% 21% 2 32.5 10% BIO JAG 46% Management Société 100 Vatel Capital SAS 54.0% 0.22%
Production 98%
%
98%
anonyme
13%
Nordnet AB (publ), 10% 2%
BrainCool AB 0.9 0.4 1.2 -17% -16% -97% 225% 18% na na na Avanza Fonder AB 87% Asset Management 90% Cormac Invest AB 98% 95.6% na
Arm
11% 9% 6%
Carmat S.A. 24.9 17.5 36.0 -2% -20% -12% 33% 3% 4 42.1 69% Airbus SE 89% Lohas S.À R.L. 91% Santé Holdings S.r.l. 94% 59.3% 0.07%
Svea Ekonomi AB, 12% 8% 8%
C-Rad AB 5.3 2.8 6.3 -11% -8% 11% na 11% 1 6.5 22% Asset Management 88% Kling, Lars 92% Nyberg, Lars Gunnar 92% 72.4% 0.23%
Arm
Hargreave Hale 15% 8% 8%
Creo Medical Development Bank of
2.5 1.6 2.8 4% -6% 13% 174% 25% na na na Limited, Asset 85% Baillie Gifford & Co. 92% 92% 80.5% na
Ltd. Wales Plc
Management Arm
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
12
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageMedical Technology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2020 CY2021 CY2022 CY2023 TA Profitability (LFY)
Crossject Société Anonyme develops needle-free injection Medical Euronext
Crossject S.A. FRA ✓ 1997 2014 24 78 8 91 na -40% 18.7x 58.2x 26.1x 18.3x 24% >2025 0.8x
systems. Technology Paris
EDAP TMS S.A., together with its subsidiaries, develops,
Eckert & produces, markets, distributes, and maintains a portfolio of Medical
FRA NASDAQ ✓ ✓ 1979 1997 283 184 24 164 1% 7% 3.9x 3.3x 2.6x 2.1x 46% 2021 14.3x
Ziegler AG minimally-invasive medical devices for the treatment of urological Technology
diseases in Asia, France, the United States, and internationally.
EOS imaging SA, together with its subsidiaries, develops,
EOS imaging Medical Euronext
markets, and sells medical imaging devices for osteo-articular FRA ✓ 1989 2012 10 65 10 85 nm -30% 3.3x 2.0x 1.6x 1.2x 18% >2025 0.9x
S.A. Technology Paris
conditions and orthopedics, and related applications.
Episurf Medical AB (publ), a medical device company, designs
NASDAQ
Episurf and manufactures implants and surgical instruments in the Medical
SWE OMX ✓ 2008 2010 47 79 13 66 -41% -41% nm 74.2x 38.4x 20.9x 82% >2025 2.1x
Medical AB Nordic countries, Benelux, Germany, the United Kingdom, and Technology
Sweden
internationally.
Glycorex Transplantation AB (publ), a medical technology
Glycorex Nordic
company, engages in the development, production, and sale of Medical
Transplantatio SWE Growth 1996 2004 4 80 4 77 -15% -13% 26.9x na na na 41% >2025 5.3x
products for use in organ transplantation and other related Technology
n AB Market
disciplines.
Guerbet SA engages in the research, development, production,
Medical Euronext
Guerbet S.A. and sale of contrast media products, delivery systems, medical FRA ✓ 1926 1992 na 392 97 648 5% 6% 0.9x 0.9x 0.8x 0.8x 10% Profitable na
Technology Paris
devices, and related solutions worldwide.
NASDAQ
Iconovo AB (publ) develops and licenses inhalation devices in Medical
Iconovo AB SWE OMX 2013 2018 3 53 5 48 -23% -23% 21.1x 24.0x 10.6x 7.2x 57% 2022 3.0x
Sweden. Technology
Sweden
NASDAQ
Implantica AG, a medtech company, researches, develops, and Medical
Implantica AG CH OMX ✓ 2015 2020 2 770 93 677 -10% -10% nm nm 51.8x 7.9x 82% >2025 9.1x
sells medical implants for unmet medical needs in Switzerland. Technology
Sweden
Inspiration Inspiration Healthcare Group plc, together with its subsidiaries,
Medical AIM
Healthcare provides medical devices for use in critical care, operating GBR 1998 2015 24 116 12 108 9% 12% 2.6x 2.3x na na 25% Profitable na
Technology London
Group plc theatre, and home healthcare applications worldwide.
NASDAQ
Integrum AB (publ) researches, develops, and sells various Medical
Integrum AB SWE OMX 1962 2017 7 97 nm 96 -2% -1% 25.3x na na na na >2025 na
systems for bone-anchored prostheses. Technology
Sweden
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 13
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Medical Technology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
0% 0% 0%
Crossject S.A. 2.9 1.7 4.6 -6% -20% -5% -65% -13% 1 1.7 -41% - 100 - 100 - 100 0.0% na
% % %
1% 4%
PSM 2%
Eckert & Soleus Capital Aigh Capital Vermögensverwaltun
5.5 1.8 8.7 -3% -23% 30% -34% -2% 4 10.8 96% 100.0% 0.18%
Ziegler AG Management, L.P. 99%
Management, LLC 96%
g GmbH Langen v.d. 98%
Goltz & Partner
Goldman Sachs
10%
Group, Investment 5% 5%
EOS imaging Alphatec Holdings,
2.5 1.2 2.5 nm 3% nm -64% -10% 2 2.5 1% 90% Banking and 95% Financiere Arbevel 95% 64.2% 0.29%
S.A. Inc.
Securities
Skandinaviska Investments
Enskilda Banken AB, 7% 5% 5%
Episurf
0.4 0.1 0.4 4% -5% 18% -27% -3% 1 0.6 60% Private Banking, 93% AP Fonden 4 95% Avanza Fonder AB 95% 96.2% 0.09%
Medical AB
Investment Banking,
and Insurance Arm
Glycorex 11% 7% 7%
Transplantatio 1.1 0.9 1.7 -15% 15% -5% na 5% na na na Avanza Fonder AB Wendt, Magnus 93% Glycorex AB 93% 65.8% 0.05%
n AB
3%
Norges Bank 2%
45% Financiere De
Guerbet S.A. 31.1 24.1 38.0 -8% 4% -5% na 6% 5 33.0 6% Guerbet, Michel Investment 45.3% 0.22%
55% l'Echiquier 97% 98%
Management
12% 11% 10%
Eiffel Investment
Iconovo AB 6.8 4.6 7.8 9% 22% nm 80% 20% 1 9.6 42% Johansson, Mats 88% Lastow, Orest 89% 90% 44.0% na
Group S.A.S.
7% 6% 2%
Handelsbanken Swedbank Robur Nordea Investment
Implantica AG 11.9 8.0 17.6 8% -15% nm 92% -17% 1 17.8 49% 93% 94% 0.0% na
Asset Management Fonder AB Management AB 98%
Inspiration 16% 15% 7%
Bgf Investment Premier Fund Berenberg Capital
Healthcare 1.7 0.7 1.8 23% 49% 87% na 16% 1 2.9 69% 84% 85% 93% 60.8% 0.03%
Management Limited Managers Limited Management
Group plc
0% 0%
AXA Investment
Integrum AB 6.1 0.7 6.8 13% 13% nm 195% 30% na na na Brånemark, Rickard 37%
Ramberg, Lennart 100 62.7% na
Managers S.A. %
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
14
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageMedical Technology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2020 CY2021 CY2022 CY2023 TA Profitability (LFY)
Ion Beam Ion Beam Applications SA develops, manufactures, and supports
Medical Euronext
Applications medical devices and software solutions for cancer treatments in BEL ✓ 1986 1998 6 485 154 417 23% 17% 1.3x 1.5x 1.2x 1.1x 30% Profitable na
Technology Brussels
S.A. Belgium, the United States, and internationally.
MagForce AG operates in the field of nanotechnology-based Medical Deutsche
MagForce AG DEU ✓ 1997 2007 42 114 2 136 -88% -21% 74.0x 24.1x 5.6x 3.9x 4% Profitable 0.2x
cancer treatment in Germany and Poland. Technology Börse
Swiss
Medartis Medartis Holding AG, a medical device company, develops, Medical
CH Stock 1997 2018 106 894 76 842 0% 1% 7.3x 6.3x 5.5x na 29% >2025 87.7x
Holding AG manufactures, and sells implant solutions worldwide. Technology
Exchange
Medistim ASA develops, produces, services, leases, and NASDAQ
Medistim Medical
distributes medical devices for cardio-vascular surgery in the NOR OMX 1984 2004 na 476 9 470 25% 32% 13.8x 10.8x 9.8x 9.1x 24% Profitable na
A.S.A. Technology
United States, Europe, Asia, and internationally. Norway
Metall Zug AG, through its subsidiaries, engages in the wire
Swiss
processing, medical devices, infection control, technologycluster Medical
Metall Zug AG CH Stock 1887 2008 na 820 66 817 3% 2% 1.1x 1.4x 1.4x 1.3x 11% Profitable na
and infrastructure, and other businesses in Switzerland, rest of Technology
Exchange
Europe, the Americas, the Asia Pacific, and internationally.
Nyxoah S.A., a health-technology company, focuses on the
Medical Euronext
Nyxoah S.A. development and commercialization of solutions and services to BEL ✓ 2009 2020 74 420 92 339 -13% -10% nm nm 46.5x 24.8x 81% >2025 7.5x
Technology Brussels
treat sleep disordered breathing conditions.
Optomed Oyj, a medical technology company, provides handheld Helsinki
Medical
Optomed Oyj fundus cameras and eye-screening devices in Finland, China, FIN Stock 2004 2019 28 160 10 158 -13% -10% 12.0x 9.9x 8.4x 7.3x 32% >2025 3.1x
Technology
and internationally. Exchange
Paxman AB (publ), together with its subsidiaries, develops and
NASDAQ
sells PAXMAN scalp cooling system for minimizing hair loss in Medical
Paxman AB SWE OMX ✓ 1996 2017 10 100 4 100 -39% -13% 12.1x na na na 33% >2025 2.0x
connection with chemotherapy treatment in Europe, North and Technology
Sweden
South America, Central America, Asia, and Oceania.
Sedana Medical AB (publ), a medical technology company, NASDAQ
Sedana Medical
develops, markets, and sells medical devices in Sweden and SWE OMX 2005 2017 45 754 34 722 -7% -6% 51.1x 42.5x 22.9x 15.0x 58% 2022 12.4x
Medical AB Technology
internationally. Sweden
Senzime AB (publ) develps and markets patient monitoring NASDAQ
Medical
Senzime AB systems to monitor patients under anesthesia in Europe and the SWE OMX ✓ 1999 2008 29 145 14 132 -26% -25% nm 41.5x 13.2x 6.6x 60% 2023 2.9x
Technology
United States. Sweden
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 15
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Medical Technology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
Ion Beam 21%
5% 5%
Belgian Anchorage Premier Fund Institut National des
Applications 16.6 7.0 18.3 -3% 15% 36% na -3% 3 13.2 -21% 79%
95% 95% 74.0% 0.49%
S.A. Managers Limited Radioéléments
S.A.
3% 2% 1%
M&G Investment Baring Asset
MagForce AG 4.0 2.0 5.7 -4% -15% -21% na -18% 4 11.9 200% Skagen AS 0.0% na
Management Limited 97% 98%
Management Limited 99%
8% 6%
Medartis 52%
75.7 32.9 76.9 13% 62% 76% 84% 21% 1 72.4 -4% Straumann, Thomas NexMed Holding AG Miesch, Willi 32.7% na
Holding AG 48% 92% 94%
Skandinaviska 14% 12% 10%
Medistim Enskilda Banken AB, State Street Global Aeternum
26.1 19.0 28.5 -4% -5% 9% na 23% 2 26.7 2% 86% 88% 90% 84.1% 0.11%
A.S.A. Private Banking, Advisors, Inc. Management AS
Investment Banking
12% 11%
## ### 34%
Metall Zug AG 1,829 996
### 2,211
### 1% 19% 32% na 8% 1 2,371 30% Buhofer, Heinz M. 66%
Stöckli-Rubli, Ursula 88% Wemaco Invest AG 89% 41.7% 0.07%
## ##
17% 14% 12%
Gilde Healthcare
Nyxoah S.A. 19.0 13.5 24.8 -3% -13% 20% 12% -3% 1 27.0 42% Cochlear Limited 83% 86% Taub, Robert 88% 38.7% na
Partners B.V.
BI Asset 9%
Joh. Berenberg, 9% 9%
Management Gossler & Co. KG,
Optomed Oyj 12.0 4.5 14.1 18% 97% 66% 167% 92% 1 13.8 15% 91% 91% Alnair Investment 91% 71.1% na
Fondsmæglerselska Asset Management
b AS Arm
8% 7%
61%
Lansforsakringar
Paxman AB 5.7 2.1 6.5 -2% 44% nm 481% 55% na na na Paxman, Glenn 39% Paxman, Richard 92% 93% 42.9% na
Fondforvaltning AB
10% 9% 8%
Sedana Handelsbanken Swedbank Robur
8.2 5.1 9.9 -4% -4% -4% 310% 42% 1 12.4 51% 90% 91% Linc AB 92% 56.8% na
Medical AB Asset Management Fonder AB
15% 6% 6%
Crafoord Family Handelsbanken
Senzime AB 2.3 1.7 2.8 4% 2% -3% na 10% 2 3.7 60% 85% 94% Dahlberg, Adam 94% 54.8% 0.11%
Trust Asset Management
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
16
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageMedical Technology
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2020 CY2021 CY2022 CY2023 TA Profitability (LFY)
Sequana Medical NV, a commercial stage medical device
Sequana company, focuses on the development of treatment solutions for Medical Euronext
BEL 2006 2019 50 163 11 160 nm -215% nm nm nm na 78% >2025 0.6x
Medical N.V. the management of fluid overload in liver disease, malignant Technology Brussels
ascites, and heart failure.
Surgical Surgical Science Sweden AB (publ) develops and markets virtual NASDAQ
Medical
Science reality (VR) simulators for evidence-based laparoscopic and SWE OMX ✓ 1999 2017 37 561 26 535 2% 3% 51.3x 30.0x 22.6x 18.0x 27% Profitable na
Technology
Sweden AB endoscopic training. Sweden
Xvivo Perfusion AB (publ), a medical technology company, NASDAQ
Xvivo Medical
develops solutions for organ, tissue, and cell preservation and SWE OMX ✓ 1998 2012 48 899 34 865 -4% -3% 48.3x 29.5x 20.9x 15.0x 30% 2021 7.9x
Perfusion AB Technology
perfusion in connection with transplantation. Sweden
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 17
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Medical Technology
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
9% 7%
Sequana Neomed 23%
Life Sciences Federal Holding and
8.8 5.9 12.4 nm 10% -25% 4% 1% 1 13.0 48% 77% 91% 93% 43.7% na
Medical N.V. Management AS Partners BV Investment Company
Surgical 22%
17%
9%
Landsnora Software
Science 14.8 5.7 15.2 8% 23% 59% 312% 42% 3 14.9 1% Bengtsson, Jan Axel 78% Bengtsson, Roland 83% 91% 50.4% na
AB
Sweden AB
15% 10% 7%
Xvivo Swedbank Robur
31.3 14.0 34.3 -7% -3% 0% na 35% 3 41.0 31% Bure Equity AB (publ) 85% 90% AP Fonden 4 93% 77.7% 0.15%
Perfusion AB Fonder AB
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
18
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageAgenda
Executive Summary
FCF Overview
Market Overview
M e d i c a l Te c h n o l o g y
Diagnostics
19Diagnostics
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2020 CY2021 CY2022 CY2023 TA Profitability (LFY)
Abingdon Health Plc, a technology-enabled lateral flow
Abingdon AIM
diagnostics company, develops, manufactures, and markets GBR Diagnostics 2008 2020 5 67 nm 67 na na na na na na na >2025 na
Health plc London
medical diagnostics worldwide.
ANGLE plc, a medical diagnostic company, engages in AIM
ANGLE plc GBR Diagnostics ✓ 1994 2004 128 343 13 313 -34% -39% nm nm 51.7x 21.7x 31% >2025 1.0x
developing cancer diagnostics products. London
Biocartis Group NV, a molecular diagnostics company, provides
Biocartis diagnostic solutions enhancing clinical practice for the benefit of Euronext
BEL Diagnostics 2007 2015 330 230 124 256 -171% -25% 4.6x 4.4x 3.1x 2.1x 59% 2024 2.0x
Group N.V. patients, clinicians, payers, and healthcare industry with a focus Brussels
on oncology.
Biosynex SA designs, manufactures, and distributes rapid Euronext
Biosynex S.A. FRA Diagnostics 1993 2011 32 249 37 228 47% 57% 1.5x na na na 29% Profitable na
diagnostic tests in France and internationally. Paris
Boule Boule Diagnostics AB (publ), a diagnostics company, develops, NASDAQ
Diagnostics manufactures, and markets instruments and consumable SWE Diagnostics OMX ✓ 1956 2011 7 111 3 120 -20% 6% 3.0x 2.6x 2.3x 2.0x 6% 2021 0.6x
AB products for blood diagnostics. Sweden
CellaVision AB (publ) develops and sells digital solutions for blood
NASDAQ
and body fluids analysis in health care services sector in
CellaVision AB SWE Diagnostics OMX ✓ 1994 2007 na 830 11 832 21% 19% 17.7x 14.8x 12.6x 11.0x 16% Profitable na
Sweden, Europe, the Middle East, Africa, the Americas, and the
Sweden
Asia Pacific.
EKF Diagnostics Holdings plc designs, develops, manufactures,
EKF
and sells diagnostic instruments, reagents, and other ancillary AIM
Diagnostics GBR Diagnostics ✓ 1990 2002 72 412 24 390 14% 19% 5.4x 5.4x 7.1x na 22% Profitable na
products in Europe, the Middle East, the Americas, Asia, and London
Holdings plc
Africa.
Gentian Gentian Diagnostics AS researches, develops, and produces NASDAQ
Diagnostics biochemical reagents for use in medical diagnostics and NOR Diagnostics OMX 2001 2016 na 75 15 63 -9% -7% 8.4x 7.3x 5.7x 4.2x 64% 2023 8.7x
AS research in Europe, Asia, the United States. Norway
Geratherm Geratherm Medical AG operates as a medical technology Deutsche
DEU Diagnostics na 2000 4 56 4 57 10% 13% 2.0x na na na 10% Profitable na
Medical AG company in Germany. Börse
Immunodiagnostic Systems Holdings PLC develops,
Immunodiagno
manufactures, and sells in-vitro diagnostic tests to the clinical AIM
stic Systems GBR Diagnostics 1977 2004 21 126 27 104 1% -4% na na na na 36% Profitable na
laboratory market in the United Kingdom, the United States, London
Holdings plc
Germany, France, and internationally.
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 20
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Diagnostics
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
12% 8%
19%
Abingdon Mercia Fund Hand, Christopher
0.7 0.5 1.6 5% -37% -97% -34% 2% na na na 81% 88% Catenalucis Llc 92% 46.5% na
Health plc Management Ltd. William
JonesTrading 10% 7% 6%
Institutional Services, Fidelity International
ANGLE plc 1.6 0.4 1.6 19% 59% 198% -26% -2% 1 1.9 20% 90% 93% Keane, Dermot 94% 90.1% 0.08%
LLC, Asset Ltd
Management Arm
12%
Johnson & Johnson 10% 5%
Biocartis Debiopharm
4.0 3.1 5.1 -7% -9% -14% -65% -16% 3 7.3 84% Invesco Ltd. 88% Innovation - JJDC, 91% 95% 90.5% 0.13%
Group N.V. Innovation Fund SA
Inc.
10% 4%
Sarl AJT
Biosynex S.A. 24.2 6.3 30.4 -7% 39% 46% 218% 12% na na na ALA FINANCIERE 63% 37%
90% Axodev Sarl 96% 43.9% 0.05%
FINANCIERE
Boule 12% 12% 10%
Eklund, Thomas
Diagnostics 5.7 4.4 7.3 -10% 6% -4% 7% 1% 1 7.9 39% Svolder AB (publ) 88% Grenspecialisten AB 88% 90% 76.7% 0.09%
Lennart
AB
16% 12%
13% 10%
William Demant State Street Global
CellaVision AB 34.8 25.2 37.3 -2% 19% 14% na 25% 3 32.8 -6% 84% 87%
88% Grenlunden Cevi Ab 90% 79.8% 0.73%
Invest A/S Advisors, Inc.
EKF Hargreave Hale 5% 6%
30% Schroder Investment
Diagnostics 0.9 0.5 1.0 7% 17% 13% na 3% 1 0.8 -17% Harwood Capital LLP 70% Limited, Asset 95% 94% 91.7% 0.25%
Management Limited
Holdings plc Management Arm
Gentian 13% 8% 8%
Holta Life Sciences
Diagnostics 4.9 4.5 8.7 -4% -15% -6% na 12% 1 8.0 63% Vatne Capital AS 87% 92% Norda ASA 92% 41.8% na
AS
AS
GMF Fivv 1% 1%
Geratherm Beteiligungsberatung 58% Finanzinformation & Universal-Investment-
11.4 9.5 13.3 -2% -8% 4% na 4% 1 13.0 15% 42% 58.2% 0.13%
Medical AG GmbH, Frankfurt am Vermogensverwaltun 99%
Gesellschaft mbH 99%
Main g Ag
Immunodiagno 14% 11%
FORUM Venture 24%
Schroder Investment Amundi Asset
stic Systems 4.4 2.1 4.9 41% 80% 86% na 12% na na na 76% 86% 89% 75.3% 0.51%
Capital GmbH Management Limited Management
Holdings plc
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
21
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageDiagnostics
General Information & Valuation Metrics
General Information Valuation Metrics
Year of EV / Sales
Cross- Capital Cash /
Primary US border Raised Market Cash ROE ROCE Cash / Expected Loss
Name Business Description HQ Subsector Exchange Listing IPO Found. IPO since IPO Cap. (LFY) EV (LTM) (LTM) CY2020 CY2021 CY2022 CY2023 TA Profitability (LFY)
Immunovia AB (publ), a diagnostic company, engages in
NASDAQ
developing and commercializing blood tests for the early
Immunovia AB SWE Diagnostics OMX ✓ 2007 2015 41 227 42 189 -25% -22% nm 34.8x 9.7x 4.0x 67% 2024 2.9x
detection of cancer and autoimmune diseases based on its
Sweden
proprietary test platform IMMray in Sweden and internationally.
NanoRepro AG develops, manufactures, and distributes rapid
Eckert & Deutsche
diagnostic tests and food supplements for home and professional DEU Diagnostics ✓ na 2008 181 58 1 59 21% 52% 3.5x na na na 10% Profitable na
Ziegler AG Börse
use in Germany and internationally.
Omega Diagnostics Group PLC develops, manufactures, and
Omega
distributes medical diagnostics products. The company operates AIM
Diagnostics GBR Diagnostics ✓ 1987 2007 37 140 8 135 -29% -6% 12.8x na na na 24% >2025 1.0x
in three segments: Allergy and Autoimmune, Food Intolerance, London
Group plc
and Infectious Diseases and Other.
Q-linea AB (publ), an innovative infection diagnostics company, NASDAQ
Q-linea AB researches, develops, manufactures, and sells instruments and SWE Diagnostics OMX 2008 2018 80 401 1 381 -71% -72% nm 40.5x 10.3x 5.3x 4% 2023 0.1x
consumables for infection diagnostics in Sweden. Sweden
Warsaw
Scope Fluidics
Scope Fluidics S.A. manufactures and sells diagnostic devices. POL Diagnostics Stock 2010 2017 na 73 4 68 -29% -29% na na na na 50% >2025 2.7x
S.A.
Exchange
NASDAQ
SpectraCure SpectraCure AB (publ) focuses on cancer treatment utilizing
SWE Diagnostics OMX 2003 2015 23 100 15 85 -9% -8% nm na na na 73% >2025 9.7x
AB laser light sources and photo reactive drugs.
Sweden
Trinity Biotech plc acquires, develops, manufactures, and
Trinity Biotech markets medical diagnostic products for the clinical laboratory
IRL Diagnostics NASDAQ ✓ ✓ 1992 1992 672 54 28 111 na 19% 1.3x 1.3x 1.3x na 24% 2021 5.3x
plc and point-of-care (POC) segments of the diagnostic market in the
United States, Africa, Asia, and Europe.
NASDAC
ViroGates A/S, a medical technology company, develops and OMX
ViroGates A/S DNK Diagnostics 2000 2018 9 86 3 83 -62% -66% nm na na na 79% >2025 1.3x
markets prognostic products for the healthcare sector. Copenhag
en
Yourgene Health Plc, a molecular diagnostic company,
Yourgene researches, develops, and commercializes gene analysis AIM
GBR Diagnostics ✓ 2000 2014 53 118 13 108 -8% -7% 5.7x 4.0x 3.4x na 21% 2022 4.9x
Health plc techniques for prenatal screening and other applications in the London
United Kingdom, Europe, and internationally.
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
Note: Figures in EURm; profitability is defined as positive net income; capital raised refers to public offerings; EV = Enterprise Value; TA = Total Assets; 22
the threshold of valuation multiples is 100x; results above 100x are shown as “nm”Diagnostics
Share Price Analysis & Shareholding Structure
Share Price Analysis Shareholding Structure
52 Week Share Price Performance Consensus
Free float Ø3M Sh.
Share since annual. # of Target / Shares Trad. / Free
Name Price Low High 1M 3M YTD IPO (p.a.) 1M 3M YTD IPO p.a. Analysts Buy Hold Sell Price Upside #1 % #2 % #3 % out. Float
8% 7% 4%
Borrebaeck, Carl Alandsbanken Asset
Immunovia AB 10.0 9.2 29.4 -10% -18% -15% 403% 34% 2 28.2 181% 92% 93% Avanza Fonder AB 96% 75.8% 0.12%
Arne Krister Management Limited
0%
HANSAINVEST 0% 0%
Eckert &
6.3 1.0 22.4 -37% -66% 492% na -4% na na na Chart AG 100 Hanseatische 100 Top Vermögen Ag 100 88.0% 0.35%
Ziegler AG % % %
Investment-GmbH
Barclays Bank PLC,
Omega HBOS Investment 11%
A J Bell Holdings 8% 5%
Wealth and
Diagnostics 0.8 0.4 1.5 -6% -25% 2,484% 26%
6% ##### na na na Fund Managers 89% Limited, Asset 92% 95% 98.6% 0.04%
Investment
Group plc Limited Management Arm
Management Division
9% 9%
Swedbank Robur Investment AB
Q-linea AB 14.8 6.2 18.5 -3% 8% -12% 124% 38% 1 18.3 23% nxt2b 64% 36%
91% 91% 56.2% na
Fonder AB Öresund (publ)
Ipopema 15% 14% 14%
Scope Fluidics Towarzystwo
27.1 24.1 60.0 -15% -2% -9% na 62% na na na Garstecki, Piotr 86% Izydorzak, Marcin 86% 62.7% na
S.A. Funduszy
Inwestycyjnych S.A.
10% 5% 4%
SpectraCure
1.0 0.8 2.2 15% 4% -38% 294% 26% na na na Khayyami, Masoud 90% Avanza Fonder AB 95% Buzz Ab 80.5% 0.23%
AB 96%
9% 8% 8%
Trinity Biotech Renaissance Hunter Associates,
2.6 1.0 5.6 -10% -44% -18% na -5% 1 5.7 123% 91% O’Caoimh, Ronan 92% 92% 74.4% 0.29%
plc Technologies Corp. Inc.
10% 10%
Louis-Hansen, Niels 26%
ViroGates A/S 27.2 7.5 33.9 19% 17% 3,676%
#### 122% -2% na na na 74% Ginnerup, Kim Poul 90% Krogsgaard, Lars 90% 47.2% na
Peter
11% 9% 8%
Yourgene Bgf Investment
0.2 0.1 0.3 1% -12% -1% na -3% 1 0.2 42% Chang, Bill 89% 91% Myers, Steven 92% 62.3% 0.16%
Health plc Management Limited
Source: GlobalData; S&P Capital IQ as of May 31st, 2021; FCF Equity Research
23
Note: Figures in EURm, shareholding structure might deviate from reported / actual figures, analyst recommendations might be missing despite analyst coverageContact Details & Disclaimer
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