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Bioservo Q2’23: Sales not reaching expectations - Redeye

Redeye saw sales that were considerably lower than our expectations. The Ironhand sales did not take off as expected in the quarter. Cost is starting to trend lower, as expected. Short-term sales uncertainty overshadows the positive development surrounding Carbonhand in Europe and the US. We will reduce our sales estimates due to the deviation in Q2 and for the H2 of 2023e, as while we are optimistic about the potential and possibilities as we advance, sales development is on the slow side. We expect to lower our Fair value range and Base case as the uncertainty of the progress of the sales in the short perspective is significant. Based on the predicted estimate changes, our Base case will be tentatively lowered to between SEK 2.3 to 2.6 (3.3) per share.

Redeye saw sales that were considerably lower than our expectations. The Ironhand sales did not take off as expected in the quarter. Cost is starting to trend lower, as expected. Short-term sales uncertainty overshadows the positive development surrounding Carbonhand in Europe and the US. We will reduce our sales estimates due to the deviation in Q2 and for the H2 of 2023e, as while we are optimistic about the potential and possibilities as we advance, sales development is on the slow side. We expect to lower our Fair value range and Base case as the uncertainty of the progress of the sales in the short perspective is significant. Based on the predicted estimate changes, our Base case will be tentatively lowered to between SEK 2.3 to 2.6 (3.3) per share.
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