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Cellavision Q1’24: Positive sales, although a bit lower results - Redeye

Redeye’s first take on the Q1 report this morning. Cellavision presented a slightly weaker top line, even though there is not a big difference, and all markets are now growing with a total organic growth of 22%. The gross margin was weaker than expected at 66%, lower than our expected 68.5%. This is explained primarily by the product mix, and the price increases have not yet covered the cost increases. The costs were mostly in line. We do not expect to make more than marginal changes to our estimates following the report; therefore, no significant change in our Base case is anticipated.

Redeye’s first take on the Q1 report this morning. Cellavision presented a slightly weaker top line, even though there is not a big difference, and all markets are now growing with a total organic growth of 22%. The gross margin was weaker than expected at 66%, lower than our expected 68.5%. This is explained primarily by the product mix, and the price increases have not yet covered the cost increases. The costs were mostly in line. We do not expect to make more than marginal changes to our estimates following the report; therefore, no significant change in our Base case is anticipated.
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