Healthineers’s Q4 figures were strong at the top line, but subdued when it came to profitability. Its business model includes a certain profit sharing with sales representatives, which strongly weighed on the group’s profitability as it sallied out of the pandemic. Management’s way of presenting the results as well as giving guidance makes it difficult for quick comparisons. Reported figures were mixed, beating consensus +2.8% at the top line, but missed it by 3.2% at the adjusted EBIT.