Vitrolife reported the fourth-quarter results yesterday. Sales came in line with our expectations. OPEX continued to be lower than our forecast. This, together with a better than expected gross margin, made up for a better-than-expected EBIT. There is clearly a recovery going on, while there are considerable differences between regions and segments. The Covid-19 situation is still evolving, but in general, the situation has improved with some lingering effects in both Q1 and Q2, primarily in Technology. After the Q3 we saw that the worst was behind the company. We have revised our long-term view on the back of the recovery and extend our growth period in our estimates to reflect the long term growth potential. We increase our fair value to SEK 230 (175) per share based on a higher conviction that the company will perform well in 2021 and beyond. We also adjust our fair value range to SEK 140 - 340 due to much higher confidence in the long-term growth story.