Tobii reported a much stronger EBIT of SEK 50m (SEBe 12m) despite a miss at the top line driven by a good product mix and costs coming down. We note that roughly half of the beat is attributable to lower R&D expenses, which relate to higher capitalisation and lower amortisation than we had in our estimates. The company is committed to improved profitability in 2025 and shared that it is engaged to potentially divest certain product areas to improve its cash position.
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