Tobii Dynavox Q1’24: Strong organic growth paired with higher costs - Redeye

Redeye comments on the Q1 report released earlier this morning. Sales came in slightly better than expected, while the gross margin was 68 and lower than expected. Total growth of 28%, of which 21% was organic and the rest was due to acquisitions, is a strong showing. Again a strong topline performance in our view. On the other hand, the administration cost was higher than we had anticipated, driven by costs related to the long-term incentive programs and higher costs for investments in systems and tools. The deviation of c SEK10m was driven by those factors. We expect to make some small adjustments, primarily due to the stronger sales and slightly higher costs going forward. We do expect a small positive adjustment of our current Base case valuation of SEK 55 per share.

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