Healthineers reported a consensus-beating start to the FY (sales: +31%; adjusted EBIT: +22%) due to the good development across the established portfolio. Antigen tests stood out by already overrunning FY guidance in the first quarter. However, not everything was perfect. Real life data show gross margin pressure and higher operating costs. The good news was Healthineers could deliver its products to customers, which could not be said for all competitors. Q1 figures were above our estimates.