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We cut 2023E-25E sales 3-7% after Q2 due to lower-than-expected sales to BD and recent FX movements. Our understanding is that H2 2023 will see further disturbance from lower sales to BD in Q3 and continued acceleration in BPP sales. In years ahead, Bactiguard aims to deliver on its current partnerships (Zimmer and Dentsply Sirona) as well as reaching new ones, enter the US with more products and turn EBITDA positive (2024 onwards).
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