Vitrolife is in good health and the company ended 2022 on a strong finish and a positive outlook ahead for the rest of 2023. We point to both improved margins and improved organic growth. Vitrolife is in a good position to benefit from operational leverage and complementary acquisitions. Our updated view is a base case valuation of SEK 285 (230) and a Bull Case of SEK 400 (350), and a Bear Case of SEK 140 (140).