Redeye's first comments on the Q3 report this morning. The outcome of the second quarter report showed a sales growth slightly lower than expected at 19.4% y/y. The gross margin came in better than expected at 67.7% with reasonable cost control, bringing a better EBITDA than expected. We recognize that the reimbursement process will take longer than we initially expected. With this in mind, we lower our expectations for 2024e as we anticipate the more significant effects will not show up until the second half of 2024e. We still expect good growth, albeit at a lower rate. With these changes, we expect to lower our fair value range and Base case in the region of 15-20%, which still leaves considerable potential from the current share price levels.
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