Redeye remains confident in the case despite a slow start into 2023 in terms of top-line growth. Q1 sales were flat Y/Y, but down when adjusted for currency effects. On a positive note, gross margins held up very well. We believe Acuvi has a solid business pipeline and expect a pickup in sales during the year. Our valuation is negatively impacted by more cautious assumptions on sustainable margins.

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Acuvi - Weak top-line but strong pipeline

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