Continued positive order momentum in Q4e

MedCap AB: 2 directors

A director at MedCap AB sold 50,000 shares at 444.000SEK and the significance rating of the trade was 76/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

Still in wait-and-see mode

Returning to organic growth

Arjo (Hold, TP: SEK35.00) - Soft start to 2025

Q1 sales were broadly in line, but adj. EBITDA was c8% below our forecast and c6% below consensus. The main differences came from higher operating expenses than expected as well as a slightly lower gross margin. Product sales were weak, but service/spare parts and rental saw stronger sales than expected, a mix that is generally negative for the margin trend. We reiterate our HOLD and have cut our target price to SEK35 (42).

Vimian (Buy, TP: SEK55.00) - 2025 off to a good start

Q1 sales were largely in line with our forecast and consensus, while adj. EBITA beat by c8% and c6%, respectively. Margin gains were reported across business lines, also outperforming expectations. However, demand for expensive elective orthopaedic procedures remained muted in the US, although we expect it to come back from H2. We reiterate our BUY and SEK55 target price.

Margin pressure in '25e

Sales growth set to accelerate

Heading in the right direction

Sales ok, but higher opex in Q1

Solid Q1 should trigger positive reaction

Back to normal in Assitive Tech and MedTech

CEO stepping down

Growth that keeps on growing

Impressive sales growth in Q1

BONESUPPORT: Q1 revenue beats, but FX-driven EBIT miss masks solid mom...

BONESUPPORT reported a robust Q1, with net sales of SEK283.5m beating CSS SEK276m and driven by CERAMENT G sales of SEK178m in North America — well ahead of the SEK160m forecast. Gross margin remained best-in-class at 92.6%, slightly above expectations, underscoring the strength of the business mod

Traces of turbulence

Getinge (Buy, TP: SEK250.00) - An in-line report, but global turbulenc...

Reported Q1 earnings were in line with consensus. However, we still believe the turbulent environment with tariffs, huge FX swings and geopolitical uncertainty could hurt the company. We suspect these factors could have a large effect from Q2. The stock market probably read the comments on the global environment as a risk, leading to the sell-off in the stock. We reiterate our BUY and SEK250 target price.

Lack of clarity on margins in '25e

Strong sales, but lower margins in Q1