IRRAS Q4: Continues to lay fundaments, but downward adjusted sales estimates
Redeye views the continued efforts by IRRAS to lay the fundaments for a successful, accelerated commercial roll-out as encouraging, though Q4 sales came below our expectations. Moreover, considering the underlying capital need and the risk of sales being held back in 2021, the share could face considerable negative pressure in the coming quarters. We also adjust sales estimates downwards, rendering a new Base Case.