Redeye provides its initial take on Surgical Science’s Q4 2023 report, which broadly underperformed our expectations. We judge that notable positives from the report include a strong gross margin and solid software licence sales. Notable negatives include weak fourth-quarter net sales and margins, diverging from the company’s historical Q4-heavy seasonality. We judge the quarterly numbers underline how even though Surgical Science seems to be a quality company with healthy long-term prospects, the business features considerable sequential volatility.
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