The advancement of the research-use only NGAL Test is important beyond the direct revenue it provides by increasing the exposure of physicians to the technology and providing a base of customers that can be leveraged after the launch of the clinical version of the test. We consider the increasing utilisation of the test in research settings is an encouraging indicator of the potential market for the product. The company has noted that growth in the US was driven by increased adoption at hospitals.

BioPorto provided an update on the timelines for its ongoing development programmes in its annual report. It is finalising an application package for its paediatric AKI application, which it expects to file in H119. Following previous FDA feedback, the company has designed a study to support its adult AKI application, which is planned to initiate in Q119 and enrol 150–200 patients. The company plans to submit an adult AKI application in H219.

The sales of both ELISA kits and antibodies were slower in 2018 than previous periods. The company attributed this to market forces leading to fewer large bulk orders of product. Our outlook for these products is flat as we expect most of the revenue growth and sales efforts to be driven by The NGAL Test.

We have increased our valuation to DKK952.8m from DKK895.0m, although it is flat on a per-share basis (DKK5.75 from DKK5.76 per basic share). This is driven by rolling forward our NPVs and higher net cash following the November private placement (10.2m shares for DKK40.0m) and is offset by higher administrative and other unallocated costs and lower valuation for research products. We expect the company will require an additional DKK35m in cash before profitability in 2021.