Europe, Canada, Aussie Approval By Year-End - Analyst Blog

Europe, Canada, Aussie Approval By Year-End

Brian Marckx, CFA

This morning Verisante Technology (V.VRS, VRSEF) announced that it filed an application with Canadian regulatory authorities for marketing of the company's Aura skin cancer detection device in Canada.

Verisante also notes that they expect to have the final piece of their CE Mark (for sale of Aura in Europe) submission completed and filed this month.  Once CE Marked, Australian regulatory approval should come in short-order.

The company continues to expect to have approval to market Aura in Canada, Europe and Australia by the current year-end.  This timeline is very much consistent with our initial (we initiated coverage in February 2011) as well as our current expectations.  We look for Verisante to begin generating revenue through sales of Aura in Canada, Europe and Australia in 2012.  We model $5.4 million in revenue in 2012 - depending on actual launch timelines and the degree of acceleration of the roll-out, our revenue estimate could prove conservative.    

We cover Verisante with an Outperform rating and $2.60 price target.   

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