Analyst Coverage

MAP reported its 1H23 result, with no major surprises since the quarterly was announced in January. The company has successfully curated a leading group of international partners, including Sonic, Synlab, Genova, G42 and Gingko. The company’s approach to driving distributor-led sales helps increase geographic reach without substantial input costs, noting Sonic and Gingko will likely be the most active partners given their financial alignment via shareholdings. That being said, it does mean the company has less control over sales enthusiasm and messaging. We look forward to ongoing improvements in diagnostic sales. The therapeutic segment is still early stage and represents a very highrisk, high-reward opportunity in the much longer term, in our view, but the near-term diagnostic revenue growth is our key focus.