OpGen-image

OpGen

US: OPGN

$75.4m market cap

$2.8 last close

OpGen is focused on revolutionizing the identification and treatment of bacterial infections. Following the merger with Curetis, it has technology platforms to detect pathogens and predict resistance. Importantly, the AMR Gene Panel and Unyvero platforms have the ability to provide results in hours instead of days.

Investment summary

OpGen reported 2020 sales of $4.2m, up 20% compared to the $3.5m in sales in 2019, with growth mainly due to the merger with Curetis. We expect the company to be able to build on this level with the help of the future 510(k) clearance of its Acuitas AMR Gene Panel test in bacterial isolates as well as potential approvals for the Unyvero platform in China and Colombia. To maintain the momentum, OpGen plans to initiate a clinical trial program for complicated urinary tract infections (cUTI) and invasive joint infections (IJI) with the Unyvero platform in H221.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (c)
P/E (x)
P/CF (x)
2019A 3.5 (11.7) (11.9) (737.6) N/A N/A
2020A 4.2 (22.0) (25.3) (157.4) N/A N/A
2021E 10.5 (20.8) (25.6) (64.9) N/A N/A
2022E 26.4 (11.9) (16.8) (42.3) N/A N/A
Industry outlook

It currently takes days to test a patient sample to find out if they have an infection, what they are infected with and to which drugs that infection might be susceptible. This can lead to a delay in treatment or the wrong treatment being prescribed. According to the Centers for Disease Control and Prevention, there are over two million cases of drug-resistant bacterial infections every year.

Last updated on 06/04/2021
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Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (US$m) 2.4
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (24.5) 29.5 (11.8)
Relative* (22.8) 25.4 (31.4)
52-week high/low US$2.2/US$0.2
*% relative to local index
Key management
Oliver Schacht CEO
Tim Dec CFO