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Vitrolife faces a tough start in 2025, and we expect this to continue during H1 2025. In short, Vitrolife is stepping up its investments in commercial capacity and sales during a period of softer organic growth. In Q1, the softer areas are the APAC regions and technologies, apart from pressure in OPEX and operating cash flow. Most of Vitrolife's business delivers market-level growth, and the gross margins remain robust even if it is a step down compared with the previous quarter.
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