Demant reported soft Q3 results. A slowdown in the US private pay market with a resulting guidance downgrade plus a pause in the share buy-back program has spooked the markets – with the stock collapsing c.13% today. Communications’ sustained vulnerabilities were an added concern. While the management has implemented cost reduction initiatives there is no visibility on new products (a key catalyst) and, hence, Demant is one of the least preferred hearing aid stocks in our coverage.