Redeye returns with an update following SciBase Holding’s Q1 report, which largely met our expectations. Total sales grew 61% to SEK14.3m, while critical electrode sales increased 70% to 30.5k units. The combination of strong electrode growth, the NCCN guideline inclusion, and the FDA label expansion de-risks the commercial trajectory. These factors incrementally enhance our confidence in SciBase’s scalability, prompting a modest increase in our medium- to long-term estimates. As a result, we are raising our valuation range to SEK0.3–1.6 (previously 0.2–1.3), with the base case increasing to SEK0.6 (0.5).
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