Redeye revises its forecasts for Proact due to the SARS-CoV-2 pandemic. We believe that the recurring revenue (~30% of sales 2019) will be mostly unaffected. We assume that the often project-based System sales will decline significantly during Q2 and Q3, hurting EBITA severely. However, we expect a substantial rebound during 2021, as the underlying demand should remain mostly intact. While we reduce our Base case, the upside potential is still significant.