Q2 sales of SEK 154m, up 24.8% y-o-y (~2% organic)
Invisio reported Q1’21 net sales of SEK 154m, +1.3% vs. ABGSCe and -5.0% vs. consensus for y-o-y growth of 24.8%. Adjusting for the acquisition of Racal Acoustics, organic growth was ~2%. Management noted an uptick in market activity, especially in the US, where customers and partners are increasingly receiving visits and testing equipment. This was reflected in a strong order intake of SEK 167m. The order intake continues to be characterised by a larger number of small orders, which reduces the historical lumpiness of Invisio’s revenues and diversifies the revenue base. The gross margin was 58.0%, +0.5pp vs. ABGSCe, again slightly below historical levels due to the acquisition of Racal. Opex in Q2 was SEK 75m, 3.1% above our estimate of SEK 73m, yielding an EBIT of SEK 14m, -2.2% vs. ABGSCe and -34.2% vs. consensus, for a margin of 9.2%.
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