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Q1 numbers held up well and costs were lower which is positive, but quality components are limited in our view. Organic growth came in 3-5% lower than us and consensus while FX impact of +12% on topline was higher than our expectations. Nonetheless, we reiterate Tobii is not a case based on near-term quarterly numbers, and the company highlights progress in the business including its upcoming Automotive vertical where it claims to already be participating in multiple RFQs.
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