Formpipe Software’s Q1 sales and margins are beating the previous two year’s comparable Q1 performance. Sales at 94 million SEK were above our estimates of 91.5 mSEK. Profitability was significantly up compared to previous Q1, with an EBIT of 10 mSEK (10.6%) compared to our estimate at 8.9 mSEK (9.7%). We see very positive on both signs of continued profitability in the Danish operations, as well as the new separate reporting of the Life Science business area, which is one key growth opportunity in the firm. We have done some minor updates in Redeye Rating due to smaller changes in the rating methodology for all firms. As usual we also have bull and bear cases in the full PDF analysis.