Redeye notes a quarter well in-line with our estimates, with only slight cosmetic deviations to our sales and EBIT forecasts. COGS decreased (more than we expected) to levels reflecting a c.50% gross margin. While its commercial and clinical program efforts are progressing well, the forthcoming anticipated equity issue is likely to continue holding back any meaningful share performance in the shorter term. Moreover, the low trading volumes add to the unpredictability of the share. In our coming update, we will lower our Base Case further to better reflect the expected equity issue (indicative Base Case: SEK 3.7 per share, down from SEK 5.0)
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