Redeye's initial take on Sleep Cycle's Q2 2026 report is that the underlying quarter was broadly in line with our expectations, even though the headline numbers look messier. Net sales of SEK49.9m (-21.5% y/y) and adjusted EBIT of SEK3.4m (6.8% margin) landed close to our SEK50m/SEK4m estimates; reported EBIT swung to a SEK7.5m loss only because of SEK10.9m in one-off costs tied to Snark BidCo's offer and the completed reorganisation — costs already flagged as a risk in our Q2 Preview. On these figures alone, we see little grounds for a material change to our estimates. The real swing factor is that the US sleep apnea validation study needs to be expanded to meet the statistical bar for regulatory submission, pushing out both cost and timeline versus our prior assumption of September 2026 completion — with no detail yet on scope or new timeline, as the newly elected Board of Directors is now preparing that decision.
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