CAJ -3.64%: first half numbers were a touch light, but the trend is turning with momentum building for the diagnostic imaging company. EBITDA of $20m was a 5% miss to consensus however this includes some stale analysts that hadn’t updated post-recent industry data prints. Margins were a touch light at 20%, however we expect this to improve with revenue rebounding (+3% YTD) and working capital unwinding in the 2H. A number of large trades went through today below the market price at the time, likely seeing selling pressure flushed out for the moment.
MM is bullish and long CAJ
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