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SENASTE
Redeye’s initial comments on the Q1 report from Waystream. The sales were substantially better than expected; however, the product mix caused the gross margin to weaken in the quarter. The positive signs in the report are that the company managed to increase sales in a weak market and that the efforts to bring down the inventory are progressing well. The layer three sales to the current client base are still low, explaining the lower gross margin. A couple of steps are in the right direction, even if the volatility in the Waystreams market continues. We will adjust our sales estimates in light of the sales beat and likely also lower our gross margin assumptions. We do not expect more than a marginal negative adjustment to our Base case.
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