The organic (CER) growth was 46% which is a step up versus Q1 and the gross margins improves to 74.6% which is in line with Q1. The level of organic growth is in our view especially important as XVIVO continues to invest in launches and market activities as well as the integrated service offer. Despite a strong share price performance earlier in 2023 we expect a positive share price reaction and a positive consensus revision in terms of top line growth. We expect a positive share price reaction of at least 2-3% vs the regional equity market. Our Base case of SEK 405 (our Bull is SEK 800 and our Bear case is SEK 105) ahead of Q2 2023.
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