Redeye comments on Ngenic’s Q3 report, where Ngenic reported impressive net sales, which completely beat our estimate, growing 184% y/y. Profitability was, however, softer than expected, and the EBITDA beat was not as significant as the topline beat. However, we are very positive to see that the growth trend continues despite the current macroeconomic environment, which should bear fruit going forward given Ngenic’s scalable business model.

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