Modulight - a Biomedical Laser Company


We’ve recently released an Initiation of Coverage Report on Modulight. Modulight is a laser company focused on biomedical, medical, and life science applications. The company grew profitably during the previous decade and is now looking to get back on that track after some recent difficulties. The full report is availabe to all readers freely. Feel free to ask any questions you may have on the investment case and please remember to tag my name to avoid missing your question.
-Antti, Analyst, Life Sciences

Our most recent company update following Q1:

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After Antti’s comments and report, my message probably doesn’t provide much additional value, but maybe I can reflect on it briefly?

Previously, Modulight apparently had some sort of “evidence” of profitable growth, but nowadays the future of Modulight seems more uncertain, and it’s difficult to say how the projects will likely turn out.

If I were to buy the company’s shares, it would require the company to succeed in certain aspects of commercialization and improve its ability to ensure future prospects.

And what’s tempting about this is that it’s a future-oriented industry that is only growing. :slight_smile:

I will continue to follow the company, especially based on Antti’s writings.

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Here’s a new analysis of Modylight for you. :slight_smile:

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Modulight: Positiv utveckling fortsatte, uppstarten av verksamhet på lokal nivå i USA framskred väl. :slight_smile:

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Here is a really good analysis. :slight_smile:

“The Q2 report was disappointing compared to our expectations and the market reaction was also strongly negative. The company’s revenue of EUR 1.1 million was modest, especially when considering the large contract that still supported the figures in this quarter. We are lowering our estimates for the short and long term in view of the difficulties in the business and the continuing very low visibility. Despite the fall in the share price, the valuation seems even more challenging than before, as in addition to our estimates, our view on the acceptable multiples for the stock has gone down.”

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Modulight står inför en stenig väg. Trots att marknaden är defensiv och inriktad på framtiden, har den projektbaserade modellen visat sig vara opålitlig, och dess långsiktiga funktionalitet kräver fortfarande bevis. Att förutse omsättning och lönsamhet är som att spela tärning, och synligheten i projekten är alarmerande svag. Kundbasens omognad och koncentration lägger ytterligare tryck, vilket ökar risknivån ytterligare. För Modulight väntar uppenbarligen stormiga vatten.

Eller finns det något speciellt med det här företaget som har fått dig eller någon annan att bli intresserad? Tack för svaret redan på förhand! :slight_smile:

Jag är mycket dåligt bekant med det här företaget. :slight_smile:

Here is a high-quality and free analysis of Modylight. :slight_smile:

Modulight said its revenue for 2023 will be around 4 MEUR and its EBIT will deteriorate year-on-year. The guidance marks the third consecutive year of business contraction and a clear shortfall against the company’s own targets. We are revising our forecasts for the coming years moderately downwards with the visibility being very low. With the forecast cuts, the stock still looks expensive both in absolute terms and relative to peers. In the coming year, new commercializations can give greater visibility to the company’s future.

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