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SyntheticMR Q4: Record sales but 2023 guidance below expectations - SEB

SyntheticMR delivered record high sales in Q4 but growth rate decelerated to 12%, causing sales to come in below consensus expectations. EBIT declined y/y on higher opex, although the company says that it now has reached a level from which it can scale. The company guides for 2023 sales of >90m and EBIT margin of >20%, which is below consensus expectations.

SyntheticMR delivered record high sales in Q4 but growth rate decelerated to 12%, causing sales to come in below consensus expectations. EBIT declined y/y on higher opex, although the company says that it now has reached a level from which it can scale. The company guides for 2023 sales of >90m and EBIT margin of >20%, which is below consensus expectations.
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