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Scibase Q1’23: First take – Excellent gross margin and financing sorted - Redeye

Redeye saw a Q1 report showing sales slightly below our estimates in real terms, while costs were generally in line. A strong gross margin had a positive effect. The EBIT result at SEK -10.8m vs our estimate of -9.3m. Growth continues at a good pace in Germany, while US sales were hampered by delays in the Medicare fee schedule review, which now has been sorted. Most important is the financing closing, adding SEK 70m after the quarters end. We will most likely only make minor adjustments to our Fair value range and Base case.

Redeye saw a Q1 report showing sales slightly below our estimates in real terms, while costs were generally in line. A strong gross margin had a positive effect. The EBIT result at SEK -10.8m vs our estimate of -9.3m. Growth continues at a good pace in Germany, while US sales were hampered by delays in the Medicare fee schedule review, which now has been sorted. Most important is the financing closing, adding SEK 70m after the quarters end. We will most likely only make minor adjustments to our Fair value range and Base case.
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