Egetis Therapeutics

Mendus

Medivir

Bioinvent International

Saniona

Karolinska Development

Nanologica

Genovis

* Indirect exposure, though limited by a diversified customer base, to regulatory risks stemming from customers' projects. Revenue may be impacted if these projects encounter development setbacks.
* Limited independence from key individuals, though improving as the company matures and develops more robust systems and processes.
* Potential ethical concerns due to association with animal testing in the pharmaceutical research sector.
* Up and coming company with a modest market share, competing against larger, well-established players like Thermo Fisher and Promega.

* Strong recurring revenue model with high customer retention due to product integration in workflows, providing predictable income streams.
* Significant reinvestment opportunities in enzyme development and adjacent markets, supported by strong cash flow and profitability.
* Benefiting from secular tailwinds in biologic drug development, with a stable market dominated by few players and high barriers to entry.
* Impressive pricing power and high gross margins (85-90%), indicating strong competitive advantages and value proposition to customers.
* Diversified revenue base across products, customers, and geography, minimizing dependency on single factors and enhancing operational stability.

* Milestones and licensing revenue complicates comparison between quarters, whereas overall consistency in growth and profitability is irregular.
* On a quarterly basis the balance sheet and KPIs disclosures could benefit from greater transparency.
* The company is yet to payout any dividends and thus lacks any dividend track record.

* Consistent history of sales growth and the business model sets the stage for continued >20% growth in the core business. Profitable since 2019 and the optionality relating to bioprocess and outlicensing opportunities provides potential for non-linear growth.
* Most key rations point in the right directions, gross margins are in the 80-90% range.
* The business model provides operating leverage and operational efficiency, EBIT margins likely to climb north of 30% once volume accumulates.
* Strong balance sheet with limited debt and a strong net cash position opening up for in-organic growth opportunities.

* Inconsistent delivery on promises: While growth has been achieved in some areas, the company has fallen short in others, particularly in the bioprocess segment.
* Limited management ownership: Management as a group holds less than 1% of the company's equity, on the contrary board ownership is satisfactory.
* The company's quarterly reports could be more detailed in terms of KPIs.

* Strong leadership: CEO has a clear long-term vision, deep industry knowledge, and a history of success and value creation in the company.
* The board complement management with seasoned directors and relevant expertise, the largest owner is also represented on the board.
* Commitment to innovation: Consistently launches new products, demonstrates strong deal-making capabilities.
* Transparent communication with management being candid about mistakes, provides timely business updates, and focuses on long-term value creation in their investor communications.