Redeye provides its initial take on MedCap’s Q3 2026 report, which came in broadly in line with our estimates on sales but ahead on adjusted profitability. Net sales of SEK567m were only 0.6% below our forecast, with Specialty Pharma beating and Assistive Tech and MedTech slightly missing, while adjusted EBITA of SEK118m topped our estimate by 16% on a 20.9% margin versus our 17.9%. Reported EBITA and EBIT are inflated by a SEK36.4m positive remeasurement of the XGX Pharma contingent consideration, which is excluded from adjusted EBITA.
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