Redeye argues that the recent news regarding Integrum’s review and evaluation of strategic alternatives leaves more questions than answers at this point. Considering its undefined timetable and non-disclosed preferred course of action, we regard the news as relatively difficult to interpret. Moreover, we judge that Integrum should be able to reach a positive cash flow on its existing funds. However, the assumption could change if the company decides to accelerate more on its sales and marketing activities (compared to what we assume).
