Q2: EBITDA of GBP 0.02m vs. ABGSCe at -0.17m
Flexion reported Q1 sales of GBP 4.84m (1.91), in line with the pre-announced figure as of July 15. EBITDA was GBP 0.02m (-0.46), which was GBP ~0.2m ahead of our forecast. The deviation was driven by a higher gross margin (14.5% vs. ABGSCe at 12.5%). However, integration fees that carried a 100% margin boosted the gross margin; gross margin adj. for those revenues (GBP 0.17m) was 11.3%. In addition, Flexion targets positive EBITDA excl. integration fees, i.e. only IAP revenues, by the end of the year. This along with slightly lower personnel expenses is somewhat ahead of our previous forecast.
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