Performance in line with ABGSCe, beat FX drivenSales was relatively in line while profitability was stronger than expected, mainly owing to other income of SEK 7.4m, however ( related to FX gains given the USD appreciation during Q2). Looking at the main cost items, cogs, R&D, marketing and D&A, they were all relatively in line. Therefore, it is unlikely that the stronger profitability will be extrapolated to coming quarters. User acquisition was slightly above expectations at 18.6% vs. ABGSCe 18.0%. DTC revenues through G5 Store continued to grow, +17% q-o-q, supporting further gross margin improvements. Gross margin was 67.4%, vs. 66.2% last year.
Estimate changesWe expect consensus to cut sales estimates by 2-3% on 2023e but keep EBIT relatively flat supported by the positive FX gains. Management will hold a presentation of the Q2 report 08:00 CET (link).Deviation tableSource: FactSet consensus
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