Redeye’s first take on the Q2 report this morning. Despite some underlying differences, Cellavision presented a report aligned with our overall expectations. Net Sales increased by 11% and reached SEK188m vs our expected SEK189m with an EBITDA of SEK 60m vs our expected SEK62m with an EBITDA margin of 31.8%. The difference is primarily driven by a lower gross margin than expected. The outcome of the regions fluctuated a bit, with a strong bounce back in APAC and a weaker Americas. The report aligned with our expectations will likely only warrant minor revisions of our estimates for the year and a very slight positive adjustment of our current Base case of SEK 245 per share.
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