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Redeye’s first take on the Q3 report this morning. Cellavision presented a slightly stronger report on the top line, while the gross margin was lower than we expected. The organic growth showed a real improvement, with APAC bouncing back. The organic growth of 11% in the quarter, paired with a favorable currency effect, yielded a total growth of 19%. The costs were on the other hand higher than we expected, which made for part of the negative deviation from our expectations in the quarter. Cellavision had a strong cash flow by a change in working capital, driven by decreased accounts receivables and inventory. We expect to make some cost adjustments and increase the risk-free rate in our model, and we thus expect to lower our Base case by roughly 5%.
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