Västra Hamnen Corporate Finance has published a research update on ViroGates following its report for the third quarter 2020. The numbers were uniformly better than expected, but not enough to change our valuation, writes Västra Hamnen.
 

· Revenues higher and costs lower than expected
· Two new clinical routine customers in the quarter
· Given the uncertainty, we retain valuation range of DKK 68.00 - 100.50 per share

In this morning's Q3 report from ViroGates, the figures were almost uniformly better than we had expected. Net revenues were a full 70 percent higher than our estimate. In addition, the gross margin was higher and other costs lower than our forecast, which in combination with other factors caused a DKK 5.5 million higher cash reserve than our estimate. Uncertainty is still high in view of the COVID-19 situation, but overall, we regard the chances of reaching a cash flow positive stage with the available cash as improved.

The full report is available here (https://www.vhcorp.se/notis/default.aspx?NotisID=2154).

The research report is prepared as part of Market Focus, Västra Hamnen Corporate Finance's commissioned research offering.

This is a press release from Västra Hamnen Corporate Finance AB. 
Web: vhcorp.se
Twitter: @vhcorp_se (https://twitter.com/vhcorp_se)

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