Q3 2021 MIPS AB Earnings Call Transcript
Welcome to the MIPS Audio Account Teleconference Q3 2021. Today, I'm pleased to present CEO, Max Strandwitz; and CFO, Karin Rosenthal. (Operator Instructions) Speakers, please begin.
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Thank you, operator. Good morning. My name is Max Strandwitz, I am the CEO of MIPS. And with me today, I also have the MIPS' CFO, Karin Rosenthal. I will take you through the highlights of a very strong quarter. We did see very strong development in the quarter with 82% organic growth, great given that we had a 108% prior year comparators. So we were up against a very strong comparator, but still managed to deliver very solid results. Year-to-date, organic growth is now at 95%. So the good momentum really continues.
Growth is mainly attributed to a very strong demand that we see on the bicycle market. I don't think anyone has missed that there is a very strong bicycle market out there. We did continue to improve both our EBIT and operating cash flow and they more than doubled
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