Scibase Q4’24: Strong growth in the US - Redeye

Redeye saw a Q4 report showing sales above our estimates, with a total growth of 49% for the quarter. Costs increased more than expected, mainly driven by S&A, particularly in the US. The gross margin was a tad lower at 68.5% vs. our estimate of 70%, driven by increased instrument sales. The strong growth in the quarter is positive, although the higher costs are negative. The sales increase of 319% in the US and good growth in other markets are encouraging. Given a step up in the costs, we will likely increase those for 2025-2026 while leaving sales growth at the same levels. We expect that these adjustments have a slight negative effect on our Base case.

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