Redeye returns with more flesh on the bones following today’s conference call and management discussion. We argue that essential parts of the case hinge on an upcoming juncture (FDA approval; bone infection) while the stock is far from pricing in a positive outcome. It could trade quite cautiously until eventual approval may interest long-term investors to adhere. We will soon return with an updated take on our estimates, though these mainly relate to OPEX assumptions and with no expected significant effect on our Base Case, which currently stands at SEK 75 per share.
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