| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | n/a | |
| Graham-Dodd Method | 0.46 | -63 |
| Graham Formula | n/a |
Theradiag SA (ALTER.PA) is a French biotechnology company specializing in in-vitro diagnostics (IVD) and therapeutic drug monitoring (TDM) solutions. Founded in 1986 and headquartered in Marne La Vallee, France, Theradiag develops, manufactures, and markets diagnostic products for autoimmunity, infectious diseases, and biotherapy monitoring. The company's product portfolio includes the FIDIS platform for multiplex immunofluorescence analysis, Theralis instruments for ELISA and immunofluorescence integration, and the SQA-V semen analyzer. Additionally, Theradiag provides COVID-19 serology tests and LISA Tracker, a tool for monitoring biotherapies in chronic inflammatory diseases. Operating in the competitive medical devices sector, Theradiag serves laboratories and healthcare providers with innovative diagnostic solutions aimed at improving patient outcomes. With a market capitalization of approximately €17.3 million, the company continues to focus on R&D and strategic partnerships to expand its presence in the European IVD market.
Theradiag SA presents a high-risk, high-reward investment opportunity in the specialized in-vitro diagnostics (IVD) sector. The company reported €12.2 million in revenue for FY 2022 but posted a net loss of €487,582, reflecting challenges in profitability. Its negative beta (-0.274) suggests low correlation with broader market movements, potentially offering diversification benefits. Theradiag's strong cash position (€6.4 million) and manageable debt (€1.8 million) provide financial flexibility, but stagnant operating cash flow and lack of dividends may deter conservative investors. The company's niche focus on biotherapy monitoring and autoimmune diagnostics could drive growth as personalized medicine advances, but competition from larger IVD players poses significant risks. Investors should weigh its innovative product pipeline against its current unprofitability and small market cap.
Theradiag competes in the fragmented in-vitro diagnostics (IVD) market, where differentiation through specialized tests and monitoring solutions is critical. Its competitive advantage lies in therapeutic drug monitoring (TDM) for biotherapies—a growing niche as biologic treatments for autoimmune diseases expand. The FIDIS multiplex platform and LISA Tracker provide proprietary technology for precise biotherapy monitoring, creating stickiness with laboratory customers. However, Theradiag's small scale (€12M revenue) limits its commercial reach compared to global IVD leaders. It lacks the extensive sales networks and broad test menus of major competitors, forcing reliance on specific European laboratory partnerships. The company's focus on autoimmune and reproductive health diagnostics (SQA-V system) helps avoid direct competition in commoditized segments like glucose testing, but growth depends on convincing labs to adopt its specialized systems over larger vendors' integrated solutions. While its COVID-19 serology tests provided temporary revenue, Theradiag's long-term positioning hinges on biotherapy monitoring—a defensible niche but one attracting increasing attention from larger firms.