Clinical Laserthermia Systems

Country:
Sector:
Market cap (m):
Sweden
Healthcare
SEK 358.15
Bloomberg:
Reuters:
Website:
CLSB SS
CLSRb.ST
Share price (close):
SEK 10.35

Latest Reports

Commissioned Research: Distribution agreement is starting to bear fruit
CLS’s distribution agreement with MRI interventions is starting to bear fruit, as demonstrated by the announcement of the largest order to date (totalling SEK 700,000). The company has also secured its immediate financing needs by means of a bridge loan of SEK 20m, but we anticipate that the company will seek additional external financing shortly to ensure a more sustainable long-term solution. Furthermore, CLS continues its work of getting its new product, developed in collaboration with IGT and Siemens Healthineers, approved by the FDA.

Analysts: Klas Pyk
Commissioned Research: Plans to initiate a large new clinical study
CLS posted sales of SEK 0.1m for Q1 2019, below our and the company's expectations. The operating loss amounted to SEK -9.9m versus SEK -1.4m in the same period last year. Q1 2018, however, was bolstered by a SEK ~6m payout from Horizon2020. During the quarter, CLS's joint product development project with Image Guided Therapy (IGT) was completed and the company aims to have the product ready for launch by H2 2019. In its report, CLS said that it is preparing to initiate a new clinical study involving around 100 patients to further validate the immunological effect of imILT. Given CLS's cash position of SEK 13.5m, we anticipate that the company will seek external financing shortly. Marketing material commissioned by Clinical Laserthermia Systems

Analysts: Klas Pyk
Commissioned Research: Product development to lift commercial activity
Clinical Laserthermia Systems (CLS) reported Q4 numbers with an operating loss of SEK 9.5m, compared to SEK 4.5m during the same period last year. Net sales came in at SEK 0.4m, up by 31% versus Q4 2017. During the period, CLS submitted its Horizon 2020 report, which confirmed positive survival and safety data for pancreatic cancer patients receiving imILT treatment. Following the results, CLS will continue its collaboration with the hospitals in Marseille and Porto during 2019. In January, CLS announced that it has entered an in-licensing agreement with Siemens Healthineers to further enhance its product offering, following the collaborations with MRI Interventions and Image Guided Therapy. – Marketing material commissioned by Clinical Laserthermia Systems

Analysts: Klas Pyk
Commissioned Research: Horizon2020 report submitted
Clinical Laserthermia Systems (CLS) posted a Q3 with an operating loss of SEK 7.2m versus SEK 3.5m during the same period last year and slightly below our estimate of SEK 6.4m. The main news in Q3 was the announcement that CLS has entered collaborative agreements with Image Guided Therapy SA (IGT) and MRI Interventions to enhance its commercial offering. On Friday, the company revealed the results from the Horizon2020 report, which confirmed positive survival data for pancreatic cancer. Marketing material commissioned by Clinical Laserthermia Systems.

Analysts:
Commissioned Research: Heating up its precision ablation business
Yesterday, Clinical Laserthermia (CLS) announced both an exclusive distribution deal and a co-development agreement with MRI Interventions. According to the press release, MRI Interventions will be given the rights to distribute and sell CLS's portfolio of products in the US and Canada. The companies will also partner up to develop a next-generation navigation and laser ablation platform for spine and neurosurgery, set for launch in 2020. Marketing material commissioned by Clinical Laserthermia Systems.

Analysts:
Commissioned Research: Enhancing its product offering
Clinical Laserthermia Systems (CLS) reported an operating loss of SEK 15.4m in Q2 this year, in line with expectations, compared to a loss of SEK 5.3m in Q2 2017. The increased loss was largely explained by no recognition of Horizon2020 grants this quarter. Instead, CLS will receive SEK 4m in Q4, upon submitting the final project report in November. Operationally, the company has finalised its three EU studies within the communicated time plan. In addition, two new interesting commercial collaborations with Exact Imaging and Image Guided Therapy have recently been announced. - Marketing material commissioned by Clinical Laserthermia Systems

Analysts:
Commissioned Research: Turning up the heat inside
CLS offers advanced products and technology for differentiated thermal cancer treatment. With its method, imILT, the target tumour is heated up through lasers, which destroys it while releasing antigens that activate the immune system to attack any metastatic tumours. Its second method, Focal Laser Ablation (FLA) destroys the tumour through higher heat, but does not provide an immunotherapeutic effect. The global oncology market is posting strong structural underlying growth with immunotherapy as a key driver. CLS estimates that the immunotherapy market will grow at a 2016-21 CAGR of 14%, reaching USD 119bn in 2021. Marketing material commissioned by Clinical Laserthermia Systems

Equity analysts

Analyst

Key persons

CEO: Lars-Erik Eriksson

CFO:

Chairman: Hans von Celsing

Numbers
Nordea
SEKm
2015
2016
2017
2018
2019E
2020E
2021E
Total revenues
0.1
3.7
11.3
8.3
8.3
55.1
124.2
Ebitda (adj.)
-16.55
-26.85
-20.70
-33.29
-43.24
-24.52
2.87
Ebitda - margin
n.a.
-735.1%
-183.7%
-402.4%
-521.3%
-44.5%
2.3%
EBIT (adj.)
-16.6
-26.9
-20.9
-33.5
-45.8
-27.3
-7.3
EBIT (adj.) margin
n.a.
-736.6%
-185.3%
-404.3%
-552.3%
-49.5%
-5.9%
PTP (adj.)
-16.6
-26.9
-21.3
-32.9
-46.1
-27.5
-7.6
Net profit from cont oper (adj)
-16.59
-26.95
-21.26
-32.86
-46.08
-27.53
-7.58
Shareholders´ Equity
19.5
17.1
33.0
49.8
3.7
22.3
14.7
Net interest bearing debt
-2.6
-6.2
-13.8
-23.0
15.6
-7.2
-10.2
Net gearing
-13.5%
-36.3%
-41.9%
-46.2%
417.6%
-32.3%
-69.7%
Net debt/EBITDA
0.2
0.2
0.7
0.7
-0.4
0.3
-3.6
Free cash flow to equity
-20.6
-21.2
-29.1
-39.1
-38.1
-23.3
3.0
Diluted number of shares in issue, year-end (m)
23.4
23.8
28.7
34.6
34.6
34.6
34.6
Nordea Markets estimates published on Aug 29, 2019
Source: Company data, Nordea estimates
Per share data and multiples
Nordea
SEK and %
2015
2016
2017
2018
2019E
2020E
2021E
EPS (adj.)
-0.82
-1.14
-0.81
-1.04
-1.33
-0.80
-0.22
EPS (adj.) growth
20.1%
-39.2%
29.1%
-28.1%
-28.3%
40.2%
72.5%
DPS
0.00
0.00
0.00
0.00
0.00
0.00
0.00
BVPS
0.8
0.7
1.1
1.4
0.1
0.6
0.4
P/E (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
EV/Sales
n.a.
n.a.
n.a.
27.42
45.05
6.37
2.80
EV/EBITDA (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
121.36
EV/EBIT (adj.)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
P/BV
n.a.
n.a.
n.a.
5.02
96.01
16.09
24.39
Dividend yield
n.a.
n.a.
n.a.
0.0%
0.0%
0.0%
0.0%
FCF yield
n.a.
n.a.
n.a.
-15.6%
-10.7%
-6.5%
0.8%
RoE
-65.0%
n.a.
-84.9%
-79.4%
n.a.
n.a.
-41.0%
ROIC
-87.2%
n.a.
n.a.
n.a.
n.a.
n.a.
-58.5%
Nordea Markets estimates published on Aug 29, 2019
Source: Company data, Nordea estimates

Source: Thomson Reuters