Redeye updates its view on Biovica following a Q4 2025/2026 report that aligned with our expectations. While Pharma Services sustained its robust momentum, In Vitro Diagnostics (IVD) test sales are still awaiting a commercial inflexion point. Notably, new CEO Theis Kipling has adopted a disciplined communication strategy, prioritising concrete, realised progress over speculative guidance. Consequently, granular updates on the Tempus AI partnership and the large IDN study were limited, as both initiatives have historically faced repeated delays. To maintain a prudent modelling stance, we have delayed our expected launch timelines for these two collaborations. This shift lowers our near-term sales forecasts and, as a result, leads to a slight downward adjustment of our valuation range.
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