Redeye's view on CellaVision's Q4 report. It was slightly below our expectations, primarily on the top line. The corona crisis continued to impact the company while the margins continue to show resilience. The company is a bit cautious about the near term trading conditions and indicates that it is very much up to the vaccination efforts' success. The DC-1 launch in the US has come to a slower start due to the pandemic; the long-term success regarding DC-1 is not such a big concern; however, uncertainty will remain in the first half of the year. We are firm believers in the DC-1 story and do not want to judge the success based on the first 6-9 months on the market. We still see this as one of the primary growth catalysts as we advance. We adjust our estimates downward for 2021 on the back of an uncertain first half of the upcoming year. 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.