In today’s briefing:
- Pre-IPO IVF Hospital Management Group – The Industry, the Business and the Risks Behind
- Bora Pharmaceuticals (6472 TT): Dual Growth Engines Set Stage for Accelerated Growth
- Aspira Women’s Health, Inc. – Aspira Women’s Health Hosts R&D Day
- EMIS Group – Termination of coverage
- Pixium Vision – Termination of coverage
Pre-IPO IVF Hospital Management Group – The Industry, the Business and the Risks Behind
- IVF Hospital’s profitability and growth momentum look good at this stage, but the Company is still in early stage of development, with obvious gap with leading players in the industry.
- IVF penetration rate in China is not high and the rate of improvement is slow. With public hospitals accounting for over 90% market share, IVF Hospital’s growth space is limited.
- Licensing is a big barrier for development, slowing down the pace of nationwide expansion. The “good story” should be based on internationalization, which is actually the weakness of IVF Hospital.
Bora Pharmaceuticals (6472 TT): Dual Growth Engines Set Stage for Accelerated Growth
- Through November 2023, Bora Pharmaceuticals (6472 TT) reported revenue of NT$13.2B, up 50% YoY. Going ahead, we are upbeat on both CDMO and pharmaceutical businesses of the company.
- Bora’s foray into branded pharmaceutical market in U.S. should add a new revenue driver and improve margins. Generic portfolio should benefit from new launches amid better pricing environment.
- Through the first nine months of 2023, Bora has added 13 new customers and 28 new products to its CDMO business. Both the numbers are way above full-year 2023 forecast.
Aspira Women’s Health, Inc. – Aspira Women’s Health Hosts R&D Day
- Aspira Women’s Health hosted an R&D Day and discussed updates on its non-invasive diagnostic platforms for ovarian cancer and endometriosis.
- CEO Nicole Sandford led the discussion, and was joined by Chief Scientific Officer Dr. Jody Berry, PhD, and one of Aspira’s medical advisors and research partners, Dr. Kevin Elias, MD.
- Aspira also discussed the domestic market potential for both ovarian cancer and endometriosis products, which it estimates is more than $1.5 billion.
EMIS Group – Termination of coverage
Edison Investment Research is terminating coverage on Kinarus Therapeutics (KNRS), Numis Corporation (NUM), EMIS Group (EMIS), Pixium Vision (PIX) and Treatt (TET). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via website
Pixium Vision – Termination of coverage
Edison Investment Research is terminating coverage on Kinarus Therapeutics (KNRS), Numis Corporation (NUM), EMIS Group (EMIS), Pixium Vision (PIX) and Treatt (TET). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via website
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