In the third quarter of 2023, Careium posted a 1% increase in sales, reaching SEK 217.3m ($24.7m), surpassing the projected SEK 215m ($24.4m). This growth, marking an impressive 23.5% year-on-year organic increase excluding foreign exchange influences, was largely driven by a net gain in service contracts and a surge in hardware demand in the Nordics, Germany, and France. The product sales for the quarter amounted to SEK 58.1m while service sales stood at SEK 159.3m.
The company also reported a substantial 53% jump in EBIT, which reached SEK 20.7m, far exceeding the expected SEK 13.5m and yielding an EBIT margin of 9.5%. This significant progress was primarily attributed to efficiency improvements, lower delivery costs, and foreign exchange tailwinds involving GBP and USD currencies. The gross margin rose to 43.5%, with operating expenses slightly decreasing to SEK -73.9m. As per pre-Q3 estimates, Careium's shares are trading at a multiple of 5.3x '24e EV/EBITA.
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