Impact on the investment case. We view the Q2 20 results as another confirmatory report. Iconovo delivered net sales of SEK2.4m versus our estimate of SEK1.3m. Reported EBIT came in at SEK -5.8m versus our estimate of SEK -5.5m. Operating costs in the quarter were SEK9.3m versus our estimate of SEK7.4m, driven by higher personnel costs due to intensified product development activities. Iconovo is still in the development phase and revenues to date are characterised by milestone payments, making revenues hard to forecast and lumpy across quarters. We expect more stable and predictable revenues post 2022, since revenues are set to come mainly from royalty revenues from upcoming partner product sales.
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