Immunovia

OMX: IMMUNOV

SEK2898.5m market cap

SEK148.4 last close

Immunovia is a Swedish company, developing antibody microarray (IMMray) diagnostics for oncology and autoimmune diseases. Tests will be run by in-house laboratories. Its lead test is IMMray PanCan-d to detect early stage pancreatic cancer.

Investment summary

Immunovia has successfully completed the optimisation study. Service sales of IMMray PanCan-d to detect early-stage pancreatic cancer (PDAC) will now potentially be from Q3 2020, an additional six month delay, which will allow further studies using 2,400 samples. The US launch depends on US lab accreditation so could take longer than management expect. The 2,000 patient PanFAM-1 prospective clinical trial is still recruiting patients and might report primary data on early-stage PDAC detection in December 2019 (although as it is still recruiting, this might be extended). Earlier-stage opportunities are: Type II diabetes, early symptoms of PDAC, lung cancer and rheumatoid arthritis. Cash at the end of FY18 was SEK447m after a cash outflow of SEK110m.

Y/E Dec
Revenue (SEKm)
EBITDA (SEKm)
PBT (SEKm)
EPS (öre)
P/E (x)
P/CF (x)
2017A 13.3 (44.3) (45.2) (267.0) N/A N/A
2018A 26.1 (84.9) (86.5) (467.0) N/A N/A
2019E 23.1 (85.8) (88.8) (453.0) N/A N/A
2020E 13.6 (95.2) (99.3) (507.0) N/A N/A
Last updated on 16/09/2019
Industry outlook

Management guidance remains at 2022 sales of SEK250–300m; c 50,000 privately paid tests at c US$600 per test. By 2024, guidance is for sales of SEK800–1,000m if insurance coverage is gained, based on PanFAM-1 data; c 164,000 tests.

Last updated on 16/09/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (SEKm) 278.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (6.1) (11.7) (18.4)
Relative* (12.0) (14.5) (20.9)
52-week high/low SEK187.8/SEK132.0
*% relative to local index
Key management
Mats Grahn CEO
Hans Liljenborg CFO