Redeye lowers its sales estimates for 2022e by 20% from SEK149m to SEK119m. While we see the market for mechanically ventilated patients opting for normalization in 2023, we highlight that UK approval is still not in place, and staffing shortages could linger, negatively affecting Sedana Medical’s sales and training activities as we move into the next year. We lower our fair value range somewhat following the report.

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