NeoDynamics: First commercial order from Germany

Redeye views the first commercial order from Germany as intriguing. Despite its initial low monetary value, it further validates our thesis of the expected roll-out where first orders should primarily come from investigators in its clinical trial PULSE. We believe the coming final results of the trial, in combination with an FDA filing and potential approval, should push the share towards our Base Case of SEK 5, indicating a potential of +80% in the coming six months or so.