Redeye saw a mixed Q1 report, as sales and gross margins did not deviate much from our expectations, while costs increased faster than anticipated. Scibase is stepping up its efforts, especially in the US, which has incurred costs that are a bit higher than we expected. We have slightly adjusted our estimates downward for 2024/25e based on higher cost expectations and uncertainty about the timing of a breakthrough in the US. We lower our Base case to SEK 2.8(3.0) per share

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Scibase - Stepping up the pace

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