Getinge reported strong Q1 21 numbers, beating estimates. Sales were up 12.6% on an organic basis, driven by the strength in acute care (+12.9%) and life science (+38%). The order book decline (-22.8%) was expected given the exceptional order build-up in Q1 21. Profit margins (adjusted EBITA margin +650bp) were well ahead of estimates, thanks to improved cost controls. FY21 guidance was unchanged (revenue of at least SEK27bn). We will upgrade our estimates to factor in the strong margin traject ....