Waystream: Beat of estimates - Redeye

Redeye’s initial comments on the Q2 report from Waystream. The sales were again substantially better than expected. The stronger sales compensated for a continued weakness in the gross margin due to the product mix. The positive signs in the report are that the company managed to increase sales by 35% in a weak market with continued successful efforts to bring down the inventory. The working capital changes, together with the improved results, improved cash flow. We will adjust our estimates in light of the sales/results beat and likely continue to lower our gross margin assumptions for 2024e. We do not expect more than a marginal adjustment to our Base case

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