AlphaValue Corporate Services Fundamental Analysis FR
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AlphaValue Corporate Services
This research has been commissioned and paid for by the company and is deemed to constitute an acceptable minor non-monetary benefit as defined in MiFID II

Ikonisys

CR
Bloomberg   ALIKO FP
Med Tech  /  France  Web Site   |   Investors Relation
A ‘fully-automated’ oncology diagnostic play
Pros
  • True ‘walk-away’ diagnostic solution Ikoniscope20 should gain market share as manual/semi-automated workflows become obsolete in the fully-automated era; addressable/under-penetrated markets growing at high-single-digit rate
  • Increasing proportion of high-margin recurring revenue in the mix should result in higher earnings visibility and stable FCF generation in the mid-term; test menu expansion is key for the future
  • Management team strengthened to make Ikoniscope20 a commercial success in the FISH oncology and CTC/liquid biopsy space; significant upside potential from immuno-oncology and infectious diseases therapeutic areas
Cons
  • Commercial footprint needs to be ramped up to accelerate the adoption of the new platform, thereby exposing Ikonisys to financing and execution risk
  • Industry heavyweights dominate the manual/semi-automated FISH market and entering into their accounts won’t be easy; hospital capex budgets are constrained due to COVID-19 and could impact Ikoniscope20’s adoption
  • As the industry moves towards more technologically-sophisticated products like next-generation sequencing, demand for FISH assays may come under pressure
Target
Upside 257%
Price (€) 2.79
Market Cap (€M) 26.5
Perf. 1W: 0.36%
Perf. 1M: -1.06%
Perf. 3M: -7.62%
Perf Ytd: n/a
10 day relative perf. to stoxx600: 2.00%
20 day relative perf. to stoxx600: 0.17%