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We raise Revenio's recommendation from Reduce to Accumulate, but reduce our target price. The forecasts were under pressure from weaker-than-expected short-term growth outlook of tonometers, and we had to take a breather with the expectations of the HOME2 product. Imaging devices retain their excellent outlook. Despite the decrease in share price, the valuation (2023e P/E 45x) is very high, but the multiples are gradually normalizing with strong earnings growth, Confidence in the company’s value creation exceeds the concern about valuation risk, so we will return very cautiously to the company's growth story. 

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Trade. (Revenio Group)

Revenio is a Finnish, globally operating health technology corporation whose worldwide success is based on a strongly patented intraocular pressure measurement technology. The Revenio Group consists of Icare Finland Oy, Revenio Research Oy and Oscare Medical Oy. The common denominators of Revenio’s business operations include screening, follow-up and the global need to make cost savings through preventive health care. Revenio seeks vigorous growth in health technology.