RaySearch reported record Q3 sales, in line with our already high expectations. However, a significantly lower gross margin, driven by a higher share of hardware sales, resulted in EBIT falling well short of our estimates. The company reiterates its FY 2026 EBIT margin target of at least 25%, although we believe this would require an exceptionally strong Q4. Combined with negative free cash flow, we expect the market to react negatively to the report, unless management can provide convincing arguments for a strong year-end during the conference call.
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