Redeye states that Safello’s Q4 2024 report aligned with its estimates on the most prominent items. Net sales deviated by 1%, with the adj. gross margin in line. Adj. EBITDA came in somewhat lower than anticipated, driven by higher OPEX. A positive surprise in the report was that the number of orders came in 18% above expectations, but the average transaction size was 16% below expectations. The former, Redeye argues, is a point of strength, while the latter is expected to mean-revert. Redeye expects to tweak its estimates.

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