(Finance) – ValueTrack has decreased fair value and estimates on Ulysses Biomed, healthcare biotech company listed on Euronext Growth Milan. In particular, the fair value was reduced to € 1.65 per share from the previous € 2.15 per share.
Analysts underline that the first half of 2022 recorded two main trends: 1) the top line is still weak but doubled, supported by contributions in research and development, while sales revenues were close to zero, due to a slower than expected go to market process; higher cash burn due to the acceleration of development activities with net cash in June to approximately 4.3 million euros.
“We have basically revised down our forecasts for 2022-23with EBIT and net result still negative, while 2024 earnings slightly increase – reads the research – We expect a higher cash requirement in 2022-23, but Ulisse Biomed will remain cash positive for the entire forecast period (4 million euros in December 2024) “.