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Original-Research: Ikonisys SA - von Sphene Capital GmbH
Einstufung von Sphene Capital GmbH zu Ikonisys SA
Unternehmen: Ikonisys SA
ISIN: FR00140048X2
Anlass der Studie: Update Report
Empfehlung: Buy
seit: 23.06.2022
Kursziel: EUR 6,90 (unverändert)
Kursziel auf Sicht von: 24 Monate
Letzte Ratingänderung: -
Analyst: Peter Thilo Hasler, CEFA
First sale of Ikoniscope20
Ikonisys has announced the first sale of its Ikoniscope20 microscope solution together with reagents. The sale is, in our view, a first proof that the commercialization strategy of migrating existing users of Ikonisys' former Ikoniscope Gen1 platform into users of the state-of-art Ikoniscope20 technology is correctly chosen and being implemented. With the purchase, the buyer, Los Angeles-based 'Comprehensive Urology', a leading urology practice serving the greater Beverly Hills area, will upgrade its system and also utilize the optimized reagents provided by Ikonisys to perform bladder cancer molecular diagnosis based on diagnostic fluorescence in situ hybridisation (FISH) applications.
Compared to the first generation, of which the company has shipped 46 units (40 of them in the US), the Ikoniscope20 is not only smaller (comparable to a microwave versus a refrigerator-sized unit) and lighter (about 50 kg versus 400 kg of the first generation), but also faster and more versatile. The Ikoniscope20 microscope enables fully automated detection, classification, and quantification of rare and very rare cells in tissues and biological fluids. None of the larger competitors has, in our view, currently achieved such a high level of automation as Ikonisys.
With the launch of the Ikoniscope20, product sales will play a far greater role in the future. In this context, the conversion of software sales to a SaaS model, and the entry into probe sales have, according to our estimates, laid the foundations for increasing sales to EUR 35.7m by 2026e, corresponding to an expected CAGR 2021-26e of 138.3%, and for reaching operating profitability by 2024e.
We expect the sale to one of Ikonisys' long-term customers and key opinion leaders to pave way for further sales and accelerate the company's commercial activities in North America. Based on our three-stage discounted cash flow entity model, which we consider the primary valuation method for the Ikonisys shares, we confirm our 24-months price target of EUR 6.90 per share and our Buy rating for the shares of Ikonisys SA.
Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/24463.pdf
Kontakt für Rückfragen
Peter Thilo Hasler, CEFA
+49 (89) 74443558/ +49 (152) 31764553
peter-thilo.hasler@sphene-capital.de
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