Vitrolife reported softer revenues relative to our estimates, as we had projected a more modest fx-impact. However, despite missing our sales projection by ~8%, gross and EBITDA margins exceeded our forecasts, reflecting a favourable product mix and solid cost control. Following a sharp share price recovery in recent weeks, the stock now trades at ~14 2026e EV/EBITDA, which we view as broadly fair given the relatively low estimate risk and the company's mature growth profile.
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