Formpipe's Q4 result was below our and the firms’ expectations, with sales of 93.1 mSEK (95.3 incl. discontinued business), where we estimated 105 mSEK. Also EBIT at 9% was below our expected 13%. We however see the underlying business being in good shape – with solid recurring revenue & cash flow, signed Stockholm City contract in Q1 and first bigger customer orders for growth area long-term archive. At the same time, the Life Science team still needs more time to prove its potential, and margin improvement challenges remain intact too. We haven't made changes to our Redeye Rating, but our fair value range for the share has broadened slightly given updated revenue and especially margin forecasts. Read our research report and/or visit the company's subsite on the Redeye Universe (login required) to see the full picture.