Redeye has updated its estimates and valuation following Physitrack’s Q3 report. As anticipated, the quarter was soft due to software delays in the Wellness division, and a few more sideways quarters are expected for the division in the short term. Nonetheless, management is confident in the company’s financial stability, with no anticipated capital raise. Our new fair value range is SEK8-72 (SEK9-72) per share, with a Base case of SEK23(30).