The announced deal expansion with Zimmer Biomet (ZB), the Q4 results and what we interpret as a back-end-loaded path to its new financial targets stretching to 2026 (SEK 1bn annual sales, 40% EBITDA margin) imply significant cuts to estimates near-term but a positive impact longer-term. We argue ZB’s decision to expand the deal highlights its dedication, further validating the technology, while expanding the long-term growth potential.
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