Genovis delivered a Q1 broadly in line with our projections, 17% organic growth and 28% EBITDA margin, showing sequential improvements in both the US biotech and academic segments. Quality medtech names have rallied in recent weeks, yet to be reflected in the Genovis stock, which trades at an 15x 2027e EV/EBITDA while holding approximately 13% of its market cap in net cash.
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