CellaVision’s Q3 report was below our expectations, primarily on the top line. The corona crisis continued to impact the company to a greater extent than we anticipated during the quarter. The company is now a bit more upbeat about returning to a more normal state. The market clearance of DC-1 in the US is also encouraging since we see this as one of the primary growth catalysts as we advance. We adjust our estimates for 2020 on the back of a weaker quarter; however, we still see ample room for Cellavision to show considerable growth from 2021 and onwards when markets return to normality. We maintain our optimistic view and leave our fair value range unchanged.