Q3 provided confidence that BD is back at normal levels, with strong sales growth from last year’s depressed level. The report also gave some clarity on Zimmer Biomet where management comments the commitment remains. Bactiguard is also reviewing its 2028 financial targets in light of Zimmer discontinuing the expanded agreement reached in 2022. We raise 2024E-26E sales by 7-10% on the Q3 beat.
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