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Q2'24 results due 20 August. 142% growth y-o-y for Catalyst, +9.9% sequential growth. EBIT revised down 0.9%-2.2% due to FX.
Solid start in Q1. Higher sales commissions weigh down on EBIT in '25e-'26e. Fair value revised down to SEK 8-15 (9-16).
Q1'24 results due 14 May. 207% growth y-o-y, but limited sequential growth. EBIT revised up 2% for '24e-'26e due to FX.
Better sales as US grew 144% on Catalyst success Underlying estimates relatively unchanged Fair value range of SEK 8-21 unchanged
Better hospital margins in September Weaker procedure volume momentum into Q4 Small positive for capex exposure
Better hospital margins in August Congress passed supportive spending bill Small positive for companies with capex exposure
Managed to beat ABGSCe by 18% in tough conditions We lift our ’22e-’24e sales estimates by 5-9% Fair value range unchanged at SEK 8-21 /share
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