As a result of the earlier trading update, the main interest is in the outlook, especially for the US-related Genetic Services business. The EMEA region delivers balanced improvements, and the APAC continues to deliver very solid growth whilst the US continues to be exposed to pressure from mainly the ERA-related business. We note that Vitrolife delivered a strong gross margin in Q4 despite a surprisingly strong quarter in the Technologies business. Our Base Case ahead of Q4 is SEK 235 (Bull SEK 375 and Bear SEK 85).
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