Redeye comments on Dynavox's Q3 report released earlier this morning. Revenue of SEK685m (606) was 2 percent below our forecast and 3 percent below consensus, as Medicaid-related reimbursement friction held back US growth. Reported EBIT of SEK119m (64) beat us by 12 percent and consensus by 5 percent, but was flattered by SEK19m of earn-out reversals – excluding these, EBIT was below both. We foresee moderate negative revisions to our near-term estimates, mainly on sales.
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