The new load-and-walk Ikoniscope20 digital pathology platform looks an ideal solution for tissue and liquid biopsies in cancer pathology. It allows rapid identification of individual tumour, immune and other rare cells in solid tissue and liquid biopsies, facilitating diagnosis and treatment monitoring / precision therapy. Guided by a new commercial management, compatible with existing workflows, the Ikoniscope20 should generate growing consumable and other recurrent revenues from an expanding installed base. The system has broad application; initially in FISH (fluorescence in situ hybridisation), but increasingly in CTC (circulating tumour cell) based liquid biopsies, immunotherapy, and infectious disease. The global market for FISH analysis is expected to be c.$1.8bn in 2024E. A 30% penetration of higher volume pathology units could generate revenues >€100m p.a. from FISH alone. An enhanced AIenabled IkoniscopeAI is expected from 2023E. We initiate coverage of Ikonisys SA - OUTPERFORM with a €10 / share target price.
