Paxman Q3’23: Impressive growth - Redeye

Redeye is impressed by the continued strong sales development with a beat of our sales estimates. Costs were slightly higher than expected, primarily other personnel costs, although considering the sales increase, not that big a difference. We will adjust our estimates due to the sales beat while adjusting our cost expectations slightly. We are likely to change our sales expectations downward for 2024e as we see that the reimbursement process in the US is taking a bit more time than anticipated. That said, Paxman is showing impressive growth despite the reimbursement not yet significantly affecting the top line. With the increase for 2023e due to the beat of our estimates together with the lowering of our expectations slightly for 2024, we will probably only make minor revisions to our current fair value range or Base case value.

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