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Redeye comments on Mentice buying all substantial assets of Biomodex, a Paris-based competitor in endovascular simulation. We positively view Mentice further consolidating the endovascular simulation niche, increasing its already high market share. We speculate that the low purchase consideration suggests Biomodex is a pre-profit company that needed financing. We estimate that the acquisition will add cSEK4m in quarterly sales in 2024e and slightly decrease Mentice’s profitability in the short term. Further, we appreciate the company’s opportunistic deal-making.
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