SEK3141.5m market cap
SEK181.4 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
During 2019, Immunovia will focus on optimising the IMMray PanCan-d test in preparation for the start of a commercial private testing service for pancreatic cancer (PDAC). The sample optimisation study should end in Q2. In H219, accreditation of the Swedish and US laboratories is required to enable a private PDAC test service by Q120. 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 17/05/2019 | ||||||
Industry outlook
Management guidance is for 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 17/05/2019
Sector |
|---|
| Healthcare |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net cash (SEKm) | 278.4 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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Key management |
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|---|---|
| Mats Grahn | CEO |
| Hans Liljenborg | CFO |
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