Fluicell Q1-23

Important Milestones Reached Enables Further Growth

Fluicell AB (publ) (”Fluicell” or “the Company”) offers innovative R&D instruments for both single-cell analysis and 3D bioprinting business segments in which we forecast will enter a fast-growing pace, where a revenue of SEK 68.6m is estimated for the year 2026 for the Company. Furthermore, Fluicell is developing tissue engineered products, targeting areas such as cardiac repair, diabetes, and eye disorders, where successful progress in related projects constitute as strong value drivers ahead. Based on an applied P/S-multiple of 5.5x on estimated revenues and a discount rate of 12%, this yields an implied value per share of SEK 9.8 in a Base scenario, where steps in the right direction are expected to reduce the current valuation discount.

• Innovative Offerings Lowering Cost of Research

Fluicell offers innovative technology platforms, products and R&D solutions that enables studies on single- and multi-cell level. Fluicell’s solutions can perform tests with fewer cells, use less testing substance, provide more flexibility, lower cost and need for biological material for the users, as well as the ability to generate high value data in ways previously not possible. Analyst Group see this as a strong value proposition, contributing to Fluicell’s growth along with market trends.

• Operating in Vast Markets with Double-Digit Growth

The global markets for both single-cell analysis and 3D bioprinting were estimated to be worth USD 3.7bn and USD 1.9bn respectively in 2022. Combined, these two markets are projected to reach USD 12.5bn in 2027 which represent a CAGR of 17%. Additionally, the tissue engineering market was estimated to USD 15.9bn in 2022 and is forecasted to reach USD 33.5bn by 2028, corresponding to a CAGR of 12.9%. As a leader in single-cell analysis and 3D bioprinting, Fluicell will benefit from these market tailwinds to capitalize on the demand for advanced research instruments going forward.

• Important Milestones Reached in In-Vitro Studies

In March 2023, Fluicell reached important milestones regarding the in-vitro development of tissue therapeutics against type 1 diabetes. Fluicell are now able to print up to 200 insulin producing islet tissues in the same trial which corresponds to the number of transplanted islets that has been shown to have a beneficial effect in mice. The milestones are a step towards generating candidates for in-vivo testing which is estimated to be initiated in 2024.

• Extended collaboration with Roche

In February 2023, Fluicell announced that the Company has extended the collaboration with Roche centred on Fluicell’s Biopixlar where the aim is to investigate optimization of bioprinted heart tissues for drug safety. The project has several milestones with the estimated completion in December 2023. Analyst Group views this project as one of Fluicells main value driving activities, where opportunities for licensing deals are anticipated to occur in a successful scenario.