SyntheticMR delivered sales growth of 10% in Q1, slightly below our expectations. EBIT, excluding FX gains, amounted to SEK -0.7m, slightly ahead of our expectation (-1.1m) on lower opex. The company reiterates its guidance for 2024 and says Q1 was on track to reaching the guidance. The first quarter is usually SyntheticMR’s smallest, hence we expect estimates to remain rather unchanged, expecting low-single-digit negative revisions to 2024E sales.

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