Tobii Dynavox Q3’23: Game set and match - Redeye

Redeye comments on the Q3 report released earlier this morning. Sales were again above our estimate, showing a total growth of 33%, which is in the region of the same increase as in the two previous quarters. The gross margin was as expected at 68%. The organic growth was 25% compared to our expectation of 16%, with a positive % FX effect of 5%. The structure effect was 3% compared to 4% expected. The costs were generally higher than expected. The EBITDA margin came in at 21.7% vs. our expectation of 18.2%.

The strong sales and gross margin make for a solid beat of our estimates even with higher costs in the quarter. The performance in the quarter is again impressive. The current economic headwinds do not affect the company to any significant degree. We expect to make positive revisions to our short-term estimates and a positive effect on our fair value range and the current Base case of SEK 41 per share.

Länk till analysen i sin helhet: https://www.redeye.se/research/951959/tobii-dynavox-q323-game-set-and-match?utm_source=finwire&utm_medium=RSS