Redeye updates its estimates and valuation following MedCap’s Q2 2026 report, a broad-based beat versus our estimates on both sales and profitability. Net sales grew 16% y/y to SEK606m, of which 7% was organic, with all three business areas beating our forecasts. Adjusted EBITA rose 28% y/y to SEK124.5m, driven by broad-based margin improvement. Net debt increased to SEK166m following the Biopsafe acquisition, though leverage remains very low. We raise our Fair Value to SEK620 (SEK570) per share.
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