Redeye expects the Integrum share to trade down considerably during the day. The Q1 report was significantly different from our estimates with sales c40% below our forecast. On a y/y basis, the sales decreased by c10%, and the company explains that the low sales result from resource allocation changes, prioritizing the Hanger agreement. We will return with a detailed update shortly, but at this point, it is uncertain to what extent we will tweak our shorter-term estimates. We expect the share to trade down c15-20%.
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