Theraclion: TP ICAP Midcap initiates coverage with a target price of 1.70 euros
The upside potential of 189% retained by the research firm, calculated on the closing price of October 26, 2026, is based on an already established market and a recurring revenue model.
Theraclion relayed this study on October 28, 2026, clarifying that the production and distribution of these analyses were agreed between the company and TP ICAP Midcap.
A market estimated at 1.6 billion dollars and a gross margin target near 80%
In its initiation study published on October 27, 2026, TP ICAP Midcap highlights the positioning of Sonovein®, a robotic platform for treating varicose veins using high-intensity focused ultrasound (HIFU). According to the study, this technology allows for intervention without incision or puncture, with clinical effectiveness comparable to established techniques.
The research firm estimates the market for varicose vein treatment devices alone at 1.6 billion dollars in 2026, representing approximately 5 million annual procedures directly addressable. The analyst infers from this a potential of around 1.1 billion euros in annual revenue for Sonovein®, at full penetration of targeted centers in Europe and the United States.
The study also notes an economic model based notably on pay-per-use. According to the analyst, the gross margin of this model should approach 80% by 2033.
FDA decision and American CPT code at the heart of the scenario
TP ICAP Midcap believes that Theraclion has reached a turning point in its development. The research firm cites an FDA decision expected soon, the entry into force of a dedicated category III CPT code in the United States on January 1, 2027, and commercial momentum that it already considers engaged in 2026.
To date, Sonovein® has been adopted by more than a dozen centers worldwide and has been used in over 4,000 procedures, according to the company. The CE-marked device is not yet available for sale in the United States.
"The technology has proven itself, the market exists, the question is now one of growth pace," said Martin Deterre, Chief Executive Officer of Theraclion. He indicated that the group's priority is to develop the installed base and increase system utilization.
The company, listed on Euronext Growth Paris, presents this initiation as a means to strengthen its visibility with institutional investors. The study will be available from November 17, 2026 on the Theraclion website.
