Episurf Medical: High activity under the (re-)surface

In view of Episurf Medical's robust clinical pipeline, continuously increased user base in Europe, and potential regulatory progress towards the US market, we see scope for high operational activity in 2020. But reversing 2019’s poor share performance hinges on putting sustainable funding in place that is better aligned with the long-term strategy. Our estimates and fair values are updated, and we also discuss our expectations on the ankle implant.