Memscap shares posted one of the biggest declines on the Paris Bourse on Friday, penalized by profit-taking after their recent surge, as the pressure sensor specialist unveiled unsurprising half-year results.
At 11:15 am, the share price was down 7%, while the CAC Mid & Small index was up slightly (+0.3%). The share price still shows a gain of 360% since the beginning of the year.
The Group announced that its operating profit from continuing operations came to 1.16 million euros for the first half, compared with a breakeven operating result for the first half of 2022.
Net income for the half-year was 1.13 million euros, compared with a net loss of 571,000 euros for the first half of 2022.
Already published, consolidated sales from continuing operations rose by 55.6% to 4.55 million euros, boosted in particular by the medical sector.
In a reaction note, analysts at Euroland refer to half-year results as "in line", while raising their target price for the stock from 6.6 to 7.6 euros, with a Buy recommendation maintained.
In its press release, Memscap expresses its ambition to maintain the trend initiated in the first half of 2023, and to confirm its "profitable hyper-growth" profile.
The share - which is trading at historic highs - is paying 23.3 times estimated earnings for 2023, compared with an average of 19.7 times for the French technology sector.
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Memscap is the leader in designing, manufacturing and marketing components, modules, systems and solutions based on micro electro-mechanical systems (MEMS). MEMS combine semiconductor micro-electronics with micro-manufacturing technology to make entire systems contained on one chip. The group organizes its activity around 3 core sectors:
- standard products: integrating the design and manufacture of sensors and multifunctional measurement systems for the areas of medicine, biomedicine, aerospace industry and defense;
- customized products: including the design and manufacture of MEMS components, the intellectual property licenses granting and customers cooperation projects for the custom-made development and production;
- dermo-cosmetic pole: integrating the operations and management of the group's assets related to the areas of dermatology and cosmetology, including the Ioma brand.
MEMSCAP 
