Sleep Cycle’s Q4 report was in line with our top-line expectations but revealed a steeper-than-anticipated decline in the subscriber base. While the company maintained solid profitability—exceeding its 25% EBIT target for the full year—the outlook for 2026 is dampened by a heavy investment phase into MedTech and B2B initiatives. Consequently, management expects a temporary contraction in both revenue and margins next year. We anticipate lowering our near-term forecast.
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