Redeye provides its initial take on ADDvise’s Q1 2024 report, which came in broadly below our estimates. We judge that positives from the report include continued solid numbers for ADDvise’s Lab segment. Notable negatives include mean reversion in Healthcare’s pharmaceutical sales hurting sales growth to a greater-than-expected degree. Overall, we judge ADDvise posted soft Q1 numbers. While 2024e figures will likely show continued mean reversion in Healthcare, we judge the long-term investment case remains largely unchanged.