Cheaply priced potential locked behind financing risks
SciBase's revenue growth continued in Q4 in Germany and the US, with gross margin trending upwards. In our view, the company remains operationally on a credible path to build an attractive position in its markets. We believe this potential is now very attractively priced. At the same time, the falling share price has increased financing risks (equity issue 1-3x current MCAP expected in the next ~3-6 months) and is starting to cause uncomfortably high volatility in expected returns and dilution, and we now wait for these risks to subside.
Scibase Holding
SciBase Holding is a medical technology company. The Group specializes in the management of cancer diagnostics, mainly focused on the treatment and detection of various melanomas. The company has developed an electric handheld probe that analyzes the measurement signal to detect specific changes in the body's skin tissue. The head office is located in Stockholm.
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